为什么长期利率对货币政策敏感?

ERN All-Inclusive Professional Pub Date : 2004-03-01 DOI:10.2139/ssrn.516323

Tore Ellingsen, Ulf Söderström

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引用次数: 22

摘要

本文利用美国经济的定量模型分析了长期利率对货币政策的反应，并将模型结果与实证证据进行了比较。我们发现，在数据中发现的对货币政策创新的强烈且随时间变化的收益率曲线响应可以用模型来解释。解释收益率曲线反应的一个关键因素是央行关于经济状况或其自身通胀目标的私人信息。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Why are Long Rates Sensitive to Monetary Policy?

We use a quantitative model of the U.S. economy to analyze the response of long-term interest rates to monetary policy, and compare the model results with empirical evidence. We find that the strong and time-varying yield curve response to monetary policy innovations found in the data can be explained by the model. A key ingredient in explaining the yield curve response is central bank private information about the state of the economy or about its own target for inflation.

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