Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/60761 
Year of Publication: 
2009
Series/Report no.: 
Staff Report No. 397
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
Eleven of fourteen monetary tightening cycles since 1955 were followed by increases in unemployment; three were not. The term spread at the end of these cycles discriminates almost perfectly between subsequent outcomes, but levels of nominal or real interest rates, as well as other interest rate spreads, generally do not.
Subjects: 
Monetary policy
interest rates
term structure
discriminant analysis
logit
JEL: 
E44
E52
G17
Document Type: 
Working Paper

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