Changes in uncertainty can affect US long-term rates – ECB paper


Changes in economic uncertainty may have had a significant effect on long-term interest rates in the US, a working paper published by the European Central Bank says.

In Uncertainty shocks, monetary policy and long-term interest rates, Gianni Amisano and Oreste Tristani present a general equilibrium model, estimated using data from the US. The model gives considerable importance to “uncertainty shocks”, caused by “regime shifts in the conditional variance of productivity shocks”.

In their model

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: