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01917cas a2200253 a 4500 |
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AALejournalIMF004415 |
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|c 5.00 USD
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|z 9781451854657
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Lee, William.
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|a Changes in the Relationship Between the Long-Term Interest Rate and its Determinants /
|c William Lee, Eswar Prasad.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1994.
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| 300 |
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|a 1 online resource (30 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper assesses the relative importance of alternative explanations for the rise in long-term interest rates in the United States from October 1993 to April 1994. Standard econometric models of the term structure are shown to have a structural break in the early 1980s. An important reason for this change in the traditional term structure relationship appears to be an increase in the responsiveness of long-term rates to changes in the stance of monetary policy. Augmented term structure models that explicitly incorporate the role of monetary policy in determining the level of long-term rates are then constructed. These models track variations in the long-term rate better than traditional term structure models, but still leave a significant fraction of the recent increase in long-term rates unexplained.
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|a Mode of access: Internet
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|a Prasad, Eswar.
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|a IMF Working Papers; Working Paper ;
|v No. 1994/124
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1994/124/001.1994.issue-124-en.xml
|z IMF e-Library
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