IDEAS home Printed from https://ideas.repec.org/a/fip/fedcer/y2000iqivp2-9.html
   My bibliography  Save this article

Productivity and the term structure

Author

Listed:
  • Joseph G. Haubrich

Abstract

The recent record-setting economic expansion and the accompanying record-setting bull market in stocks are often attributed to Federal Reserve interest rate policy and increased productivity. But if interest rates behave differently when productivity changes, interest rate policy may need to change as well. This article examines how productivity changes affect the entire term structure-from short-term interest rates like the federal funds rate, to long-term rates like mortgages, car loans, and corporate bonds.

Suggested Citation

  • Joseph G. Haubrich, 2000. "Productivity and the term structure," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 2-9.
  • Handle: RePEc:fip:fedcer:y:2000:i:qiv:p:2-9
    as

    Download full text from publisher

    File URL: http://www.clevelandfed.org/Research/Review/2000/jgh36_4.pdf
    Download Restriction: no

    File URL: https://fraser.stlouisfed.org/scribd/?toc_id=79587&filepath=/docs/publications/frbclevreview/rev_frbclev_2000q4.pdf&start_page=3#scribd-open
    Download Restriction: no

    References listed on IDEAS

    as
    1. Benveniste, L M & Scheinkman, J A, 1979. "On the Differentiability of the Value Function in Dynamic Models of Economics," Econometrica, Econometric Society, vol. 47(3), pages 727-732, May.
    2. Grossman, Sanford J & Shiller, Robert J, 1981. "The Determinants of the Variability of Stock Market Prices," American Economic Review, American Economic Association, vol. 71(2), pages 222-227, May.
    3. Sun, Tong-sheng, 1992. "Real and Nominal Interest Rates: A Discrete-Time Model and Its Continuous-Time Limit," Review of Financial Studies, Society for Financial Studies, vol. 5(4), pages 581-611.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedcer:y:2000:i:qiv:p:2-9. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (4D Library). General contact details of provider: http://edirc.repec.org/data/frbclus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.