This paper addresses the ability of central banks to affect the structure of interest rates. We
assess the causal relationship between the short‐term Effective Federal Funds Rate (FF) …

The effect of monetary policy on long-term interest rates has been a question of interest in
recent years. A number of papers, relying on single-equation estimation techniques, have …

This article examines the dynamic relationship between two key US money market interest
rates––the federal funds rate (FF) and the 3-month Treasury bill rate. Using daily data over …

Do the prevailing unusually and persistently low real interest rates reflect a decline in the
natural rate of interest as commonly thought? We argue that this is only part of the story. The …

US government indebtedness and fiscal deficits increased notably following the global
financial crisis. Yet long-term interest rates and US Treasury yields have remained …

We investigate whether the Federal Reserve has responded systematically to house and
stock prices and whether this response has changed over time using a Bayesian structural …

This article uses a structural VAR with daily data to identify the effects of monetary policy
shocks on various longer term interest rates since the federal funds rate has been stuck at …

This paper empirically models the dynamics of Brazilian government bond (BGB) yields
based on monthly macroeconomic data, in the context of the evolution of the key …

This paper provides new estimates of the impact of monetary policy actions and
macroeconomic news on the term structure of nominal interest rates. The key novelty is to …

This paper undertakes an empirical inquiry concerning the determinants of the long-term
interest rate on US Treasury securities. It applies the bounds testing procedure to …