Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55607 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorBarnes, Michelle L.en
dc.contributor.authorPancost, N. Aaronen
dc.date.accessioned2010-10-19-
dc.date.accessioned2012-02-23T08:23:43Z-
dc.date.available2012-02-23T08:23:43Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/55607-
dc.description.abstractRefet Gürkaynak, Brian Sack, and Eric Swanson (2005) provide empirical evidence that long forward nominal rates are overly sensitive to monetary policy shocks, and that this is consistent with a model where long-term inflation expectations are not anchored because agents must infer the central bank´s inflation target from noisy interest rate movements. Using the same data, methodology, and model, we show that their empirical results are neither persistent nor robust to small changes in sample period or methodology. In addition, their theoretical results rely mainly on an ad hoc law of motion for the inflation target - imperfect information about the target plays only a small role in un-anchoring expectations in their model.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen
dc.relation.ispartofseries|aWorking Papers |x10-7en
dc.subject.jelE31en
dc.subject.jelE42en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordinflation targetingen
dc.subject.keywordmonetary regimeen
dc.subject.keywordexcess sensitivityen
dc.subject.keywordforward ratesen
dc.titleThe sensitivity of long-term interest rates to economic news: Comment-
dc.typeWorking Paperen
dc.identifier.ppn637063546en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Files in This Item:
File
Size
334.54 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.