English, Article edition: A note on Taylor rules and the term structure Ralf Fendel

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A note on Taylor rules and the term structure
Author
  • Ralf Fendel
Physical Description
  • article
Notes
  • This article augments the well-known dynamic macro-economic model of Svensson (1997) to include the term structure of interest rates, in order to support the empirical findings of Fendel and Frenkel (2005) on the information content of the term structure of interest rates for monetary policy published in Applied Economics Letters. The derived Taylor-type rule is an implicit rule that cannot be used mechanically, because it contains an additional forward-looking argument. Only under special conditions of a stable and flat yield curve and/​or an aggregate demand specification that only depends on the short-term interest rate this augmented rule collapses to the class of well-known Taylor-type rules.
  • RePEc:taf:apeclt:v:16:y:2009:i:11:p:1097-1101
Language
  • English
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