Add to ORKGFrom 2004 to 2006, the FOMC raised the target federal funds rate by 4.25%, yet long-maturity yields and forward rates fell. We consider several possible explanations for this \conundrum." The most likely, in our view, is a fall in the term premium, probably associated with some combination of diminished macroeconomic and financial market volatility, more predictable monetary policy, and the state of the business cycle
Although the federal funds rate started rising from mid-2004 US long term rates continued to fall. ...
The period 2005 through to mid-2007 saw a sharp acceleration in the rate of supply of US asset backe...
In late 2008, the Federal Open Market Committee (FOMC)—the committee within the Federal Reserve that...
In 2004 and 2005, long-term interest rates remained remarkably low despite improving economic condit...
Long-term interest rates tend to rise as monetary policymakers increase short-term interest rates. T...
In June of 2004 the Fed began relentlessly tightening policy. They raised the Federal Funds Target (...
In June of 2004 the Fed began relentlessly tightening policy. They raised the Federal Funds Target (...
From 2001 to 2006, U.S. long-term interest rates have remained steady while the federal funds rate h...
The FOMC’s two-pronged approach involves a potential conflict: forward guidance assumes a high degre...
In recent years, US and euro area long-term bond yields experienced a remarkable decline and remaine...
We present evidence on the changing dynamics of the yield curve from 1998 to 2011. We identify four ...
Executive summary: • A flattening yield curve highlights Federal Reserve rate hikes’ inability to t...
In February 2005, former Chairman Alan Greenspan referred to the decline in long-term rates in the w...
Changes in monetary policy have surprisingly strong effects on forward real rates in the distant fut...
There has been a remarkable increase in the FOMC’s communication over the last decade. Perhaps the m...
Although the federal funds rate started rising from mid-2004 US long term rates continued to fall. ...
The period 2005 through to mid-2007 saw a sharp acceleration in the rate of supply of US asset backe...
In late 2008, the Federal Open Market Committee (FOMC)—the committee within the Federal Reserve that...
In 2004 and 2005, long-term interest rates remained remarkably low despite improving economic condit...
Long-term interest rates tend to rise as monetary policymakers increase short-term interest rates. T...
In June of 2004 the Fed began relentlessly tightening policy. They raised the Federal Funds Target (...
In June of 2004 the Fed began relentlessly tightening policy. They raised the Federal Funds Target (...
From 2001 to 2006, U.S. long-term interest rates have remained steady while the federal funds rate h...
The FOMC’s two-pronged approach involves a potential conflict: forward guidance assumes a high degre...
In recent years, US and euro area long-term bond yields experienced a remarkable decline and remaine...
We present evidence on the changing dynamics of the yield curve from 1998 to 2011. We identify four ...
Executive summary: • A flattening yield curve highlights Federal Reserve rate hikes’ inability to t...
In February 2005, former Chairman Alan Greenspan referred to the decline in long-term rates in the w...
Changes in monetary policy have surprisingly strong effects on forward real rates in the distant fut...
There has been a remarkable increase in the FOMC’s communication over the last decade. Perhaps the m...
Although the federal funds rate started rising from mid-2004 US long term rates continued to fall. ...
The period 2005 through to mid-2007 saw a sharp acceleration in the rate of supply of US asset backe...
In late 2008, the Federal Open Market Committee (FOMC)—the committee within the Federal Reserve that...