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dc.contributor.authorVázquez Pérez, Jesús
dc.contributor.authorMaría-Dolores, Ramón
dc.contributor.authorLondoño Yarce, Juan Miguel
dc.date.accessioned2012-01-31T13:15:35Z
dc.date.available2012-01-31T13:15:35Z
dc.date.issued2010-01
dc.identifier.issn1988-088X
dc.identifier.urihttp://hdl.handle.net/10810/6573
dc.description.abstractThis paper uses a structural approach based on the indirect inference principle to estimate a standard version of the new Keynesian monetary (NKM) model augmented with term structure using both revised and real-time data. The estimation results show that the term spread and policy inertia are both important determinants of the U.S. estimated monetary policy rule whereas the persistence of shocks plays a small but significant role when revised and real-time data of output and inflation are both considered. More importantly, the relative importance of term spread and persistent shocks in the policy rule and the shock transmission mechanism drastically change when it is taken into account that real-time data are not well behaved.es
dc.description.sponsorshipFinancial support from the Ministerio de Ciencia y Tecnología (Spain) through projects SEJ2007-66592-C03-01-02/ECON is acknowledged.es
dc.language.isoenges
dc.publisherUniversity of the Basque Country, Department of Foundations of Economic Analysis IIes
dc.relationinfo:eu-repo/grantAgreement/MCYT/SEJ2007-66592-C03-01-02-ECON
dc.relation.ispartofseriesDFAEII 2010.01
dc.rightsinfo:eu-repo/semantics/openAccesses
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/3.0/*
dc.subjectNKM modeles
dc.subjectterm structurees
dc.subjectmonetary policy rulees
dc.subjectindirect inferencees
dc.subjectreal-timees
dc.titleOn the Informational Role of Term Structure in the U.S. Monetary Policy Rulees
dc.typeinfo:eu-repo/semantics/workingPaperes
dc.rights.holderAttribution-NonCommercial-ShareAlike 3.0 Unported*
dc.subject.jelC32
dc.subject.jelE30
dc.subject.jelE52
dc.identifier.repecRePEc:ehu:dfaeii:201001es
dc.departamentoesFundamentos del análisis económico IIes_ES
dc.departamentoeuEkonomia analisiaren oinarriak IIes_ES
dc.subject.categoriaMATHEMATICAL AND QUANTITATIVE METHODS
dc.subject.categoriaECONOMICS, ECONOMETRICS AND FINANCE
dc.subject.categoriaMACROECONOMICS AND MONETARY ECONOMICS


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Attribution-NonCommercial-ShareAlike 3.0 Unported
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-ShareAlike 3.0 Unported