TY  - UNPD
A1  - Moretti, Laura
T1  - Monetary policy, long real yields and the financial crisis
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 457
N2  - This paper investigates the role of monetary policy in the collapse in the long-term real interest rates in the decade before the onset of the financial crisis using a sample of five advanced economies (United States, United Kingdom, the euro area, Sweden and Canada). The results from an estimated panel VAR with monthly data show that, while monetary policy shocks had negligible effects on long-term real interest rates, shocks to the long-term real interest rates had a one-to-one effect on the short nominal rate.
T3  - CFS working paper series - 457 
KW  - monetary policy
KW  - long-term real interest rates
KW  - panel VAR
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/33834
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-338343
UR  - https://www.ifk-cfs.de/2433.html
N1  - First Version: May 2013 ; This Version: April 2014
IS  - Version: April 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -