Richmond Fed's Economic Quarterly, Fall 2005

The Federal Reserve Bank of Richmond has published its Economic Quarterly for Fall 2005. The latest issue includes the article 'Monetary policy and the term structure of interest rates'.

A prominent failure of the expectations theory of the term structure of interest rates concerns the magnitude of slope coefficients in regressions of short rate (or long rate) changes on long-short spreads. The anomalous empirical findings can be rationalized with the expectations theory by recognition of an

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