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Cracking the Conundrum / David K. Backus, Jonathan H. Wright.
- Format:
- Book
- Author/Creator:
- Backus, David K.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w13419.
- NBER working paper series no. w13419
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2007.
- Summary:
- From 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.
- Notes:
- Print version record
- September 2007.
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