The effect of news shocks and monetary policy
A VAR model estimated on U.S. data before and after 1980 documents systematic differences in the response of short- and long-term interest rates, corporate bond spreads and durable spending to news TFP shocks. Interest rates across the maturity spectrum broadly increase in the pre-1980s and broadly...
| Main Authors: | , , |
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| Format: | Working paper |
| Published: |
University of Oxford
2017
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