Title of article :
Monetarypolicywithsignalextractionfromthebondmarket$
Author/Authors :
KristofferNimark، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
Monetarypolicyisconductedinanenvironmentofuncertainty.Thispaperpresentsa
modelwherethecentralbankusesrealtimedatafromthebondmarkettogetherwith
standardmacroeconomicindicatorstoinferthecurrentstateoftheeconomymore
efficiently,whiletakingintoaccountthatitsownactionsinfluencethebondmarketand
therefore whatitobserves.Thatthecentralbankusestheinformationintheterm
structuretosetpolicycreatesalinkbetweenthebondmarketandthemacroeconomy
that isnoveltotheliterature.Theestimatedmodelsuggeststhatthereissome
informationinUSyieldsofmaturitiesoflessthan1yearthatcanhelptheFederal
Reservetoidentifyshockstotheeconomyonatimelybasis
Keywords :
Monetary policyImperfect informationBond marketTermstructureofinterestrates
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
