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150128 ||| eng |
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|a 9781451854657
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|a Lee, William
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| 245 |
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|a Changes in the Relationship Between the Long-Term Interest Rate and its Determinants
|c William Lee, Eswar Prasad
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|a Washington, D.C.
|b International Monetary Fund
|c 1994
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| 300 |
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|a 30 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Finance
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|a Monetary stance
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| 653 |
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|a Monetary economics
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| 653 |
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|a Monetary tightening
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| 653 |
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|a Financial services
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| 653 |
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|a Short term interest rates
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| 653 |
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|a Yield curve
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Monetary policy
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Long term interest rates
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 700 |
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|a Prasad, Eswar
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451854657.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1994/124/001.1994.issue-124-en.xml?cid=1279-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a This paper assesses the relative importance of alternative explanations for the rise in long-term interest rates in the United States from October 1993 to April 1994. Standard econometric models of the term structure are shown to have a structural break in the early 1980s. An important reason for this change in the traditional term structure relationship appears to be an increase in the responsiveness of long-term rates to changes in the stance of monetary policy. Augmented term structure models that explicitly incorporate the role of monetary policy in determining the level of long-term rates are then constructed. These models track variations in the long-term rate better than traditional term structure models, but still leave a significant fraction of the recent increase in long-term rates unexplained
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