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- W2099682873 abstract "Linearized New Keynesian models and empirical no-arbitrage macro-finance models offer little insight regarding the implications of changes in bond term premiums for economic activity. This paper investigates these implications using both a structural model and a reduced-form framework. The authors show that there is no structural relationship running from the term premium to economic activity, but a reduced-form empirical analysis does suggest that a decline in the term premium has typically been associated with stimulus to real economic activity, which contradicts earlier results in the literature." @default.
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- W2099682873 date "2007-01-01" @default.
- W2099682873 modified "2023-10-02" @default.
- W2099682873 title "Macroeconomic Implications of Changes in the Term Premium" @default.
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- W2099682873 doi "https://doi.org/10.20955/r.89.241-270" @default.
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