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The Macro-Finance View of the Term Structure of Interest Rates

In: The Yield Curve and Financial Risk Premia

Author

Listed:
  • Felix Geiger

    (University of Hohenheim)

Abstract

It is a widely accepted consensus that the operating instrument with which a central bank conducts monetary policy is the short-term interest rate. Typically, it sets its policy rate conditional on the macroeconomic environment for the purpose of achieving its final goals of price stability as well as output stability. Managing aggregate demand operates through various transmission channels where interest rate moves affect the whole set of asset prices, the net worth of balance sheet positions and the lending behavior of banks. An important feature in the traditional interest-rate channel is the emphasis on real rather than nominal interest rates and the role of long-term interest rates.

Suggested Citation

  • Felix Geiger, 2011. "The Macro-Finance View of the Term Structure of Interest Rates," Lecture Notes in Economics and Mathematical Systems, in: The Yield Curve and Financial Risk Premia, chapter 0, pages 117-157, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-21575-9_5
    DOI: 10.1007/978-3-642-21575-9_5
    as

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