Monetary policy rules and the information content of the term structure of interest rates
The study incorporates information on the term structure of interest rates into empirical reaction functions for the Bundesbank and the European Central Bank. The results suggest that the term structure played a statistically significant role for the monetary policy of both central banks.
Volume (Year): 12 (2005)
Issue (Month): 15 ()
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- Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
- Marvin Goodfriend, 1998. "Using the term structure of interest rates for monetary policy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 13-30.
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