Title of article
Monetarypolicywithsignalextractionfromthebondmarket$
Author/Authors
KristofferNimark، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
12
From page
1389
To page
1400
Abstract
Monetarypolicyisconductedinanenvironmentofuncertainty.Thispaperpresentsa
modelwherethecentralbankusesrealtimedatafromthebondmarkettogetherwith
standardmacroeconomicindicatorstoinferthecurrentstateoftheeconomymore
efficiently,whiletakingintoaccountthatitsownactionsinfluencethebondmarketand
therefore whatitobserves.Thatthecentralbankusestheinformationintheterm
structuretosetpolicycreatesalinkbetweenthebondmarketandthemacroeconomy
that isnoveltotheliterature.Theestimatedmodelsuggeststhatthereissome
informationinUSyieldsofmaturitiesoflessthan1yearthatcanhelptheFederal
Reservetoidentifyshockstotheeconomyonatimelybasis
Keywords
Monetary policyImperfect informationBond marketTermstructureofinterestrates
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846257
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