Term structure and interest rate stabilization policies in the Greenspan era View Full Text


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Article Info

DATE

2019-04-02

AUTHORS

Anna Florio

ABSTRACT

Previous studies attribute the failure of the expectations theory, using the 3–6-month Treasury bill spread, to the Federal Reserve’s commitment to stabilizing interest rates. We find that with the advent of Greenspan, this spread predicts future changes in the short rate in the USA. This success can be explained by interest rate smoothing and greater transparency by the Fed. By enhancing the management of market expectations and reducing uncertainty, the central bank improves interest rate predictability and gains credibility from the market, as lower term premia suggest. More... »

PAGES

1-11

Journal

TITLE

Empirical Economics

ISSUE

N/A

VOLUME

N/A

Author Affiliations

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s00181-019-01672-x

DOI

http://dx.doi.org/10.1007/s00181-019-01672-x

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1113199630


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