A new normal for interest rates? Evidence from inflation-indexed debt
The downtrend in U.S. interest rates over the past two decades may partly reflect a decline in the longer-run equilibrium real rate of interest. We examine this issue using dynamic term structure models that account for time-varying term and liquidity risk premiums and are estimated directly from pr...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
MIT Press Journals
2019
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| Online Access: | View Fulltext in Publisher |