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- W2950669249 abstract "Empirical evidence on the potential impact of central bank policies on government bond yields at the effective lower bound (ELB) is presented for nine economies. We quantify the content of central bank communications and consider international policy spillovers. At the ELB, yields at the medium-to-longer end of the yield curve remain responsive to news for a few years after the ELB is reached. Yields become more sensitive to the content central bank communication at the ELB. Our results provides further evidence that central bank communication is an important element of monetary policy making when the interest rate tool loses efficacy." @default.
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- W2950669249 date "2017-01-01" @default.
- W2950669249 modified "2023-10-14" @default.
- W2950669249 title "Government Bond Yields at the Effective Lower Bound: International Evidence" @default.
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- W2950669249 doi "https://doi.org/10.2139/ssrn.2955483" @default.
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