The hypothesis of this paper is that uncertain money growth leads to an increased yield spread between short term and long term interest rates. Since current inflation is obviously the same at any given time, the change in the term structure can be explained, in part, by the greater degree of uncertainty in the long term caused by monetary uncertainty.
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Paper provided by Purdue University, Krannert School of Management - Center for International Business Education and Research (CIBER) in its series Papers with number
95-005.
Length: 17 pages Date of creation: 1995 Date of revision: Handle: RePEc:fth:purkib:95-005
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Find related papers by JEL classification: E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Determination of Interest Rates; Term Structure of Interest Rates E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation