Monetary Policy Uncertainty and the Response of the Yield Curve to Policy Shocks

This paper studies the non-linear response of the term structure of interest rates to monetary policy shocks. We show that uncertainty about monetary policy changes the way the term structure responds to monetary policy. A policy tightening leads to a significantly smaller increase in long-term b...

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Veröffentlicht in:	MAGKS - Joint Discussion Paper Series in Economics (Band 24-2017)
1. Verfasser:	Tillmann, Peter
Format:	Artikel
Sprache:	Englisch
Veröffentlicht:	Philipps-Universität Marburg 2017
Schlagworte:	term premium, unconventional monetary policy local projections term structure Monetary policy uncertainty Wirtschaft Economics
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