Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/82409
Year of Publication: 
2001
Series/Report no.: 
Sveriges Riksbank Working Paper Series No. 132
Publisher: 
Sveriges Riksbank, Stockholm
Abstract: 
This paper examines how various monetary policy signals such as repo rate changes, inflation reports, speeches, and minutes from monetary policy meetings affect the term structure of interest rates. We find that unexpected movements in the short end of the yield curve are mainly driven by unexpected changes in the repo rate, while speeches is a more important determinant for the longer interest rates. Hence, we conclude that central bank communication is an essential part of the conduct of monetary policy.
Subjects: 
Monetary policy signaling
central bank communication
the term structure of interest rates
JEL: 
E43
E44
E58
Document Type: 
Working Paper

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