Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy /
Upward sloping yield curves are hard to reconcile with the positive association between income and inflation (the Phillips curve) in consumption-based asset pricing models. Using US and UK data, this paper shows inflation is negatively correlated with long-run income growth but positively correlated...
| 主要作者: | |
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| 格式: | 杂志 |
| 语言: | English |
| 出版: |
Washington, D.C. :
International Monetary Fund,
2018.
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| 丛编: | IMF Working Papers; Working Paper ;
No. 2018/242 |
| 在线阅读: | Full text available on IMF |