TY  - UNPD
A1  - Gerlach, Stefan
A1  - Moretti, Laura
T1  - Monetary policy and TIPS yields before the crisis
N2  - We make three points. First, the decade before the financial crisis in 2007 was characterized by a collapse in the yield on TIPS. Second, estimated VARs for the federal funds rate and the TIPS yield show that while monetary policy shocks had negligible effects on the TIPS yield, shocks to the latter had one-to-one effects on the federal funds rate. Third, these findings can be rationalized in a New Keynesian model. JEL Classification: E43, E52, E58 Keywords: Monetary Policy, Long Real Interest Rates, TIPS
T3  - CFS working paper series - 2011, 22 
KW  - monetary policy 
KW  - long real interest rates 
KW  - TIPS
Y1  - 2011
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/22706
UR  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:hebis:30-115381
ER  -