TY  - UNPD
A1  - Gerlach, Stefan
A1  - Moretti, Laura
T1  - Monetary policy and TIPS yields before the crisis
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,22
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.
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  - https://nbn-resolving.org/urn:nbn:de:hebis:30-115381
IS  - Version August 24, 2011
ER  -