European Parliament Library

The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period, Jun Nagayasu

Abstract
This paper empirically evaluates the validity of the term structure of interest rates in a low-interest-rate environment. Applying a time-series method to high-frequency Japanese data, the term-structure model is found to be useful for economic analysis only when interest rates are high. When interest rates are low, the usefulness of the model declines, since the interest spread contains little information that can be used for predicting future economic activity. The term-structure relationship is also weakened by the Bank of Japan's use of interest rate smoothing
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. A HISTORY OF MONETARY POLICY SINCE 1990""; ""III. TERM STRUCTURE OF INTEREST RATES""; ""IV. METHODOLOGY""; ""V. DATA AND PRELIMINARY EMPIRICAL RESULTS""; ""VI. EMPIRICAL RESULTS FROM THE TERM-STRUCTURE MODEL""; ""VII. SUMMARY AND DISCUSSION""; ""References""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (31 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781451919301

Library Locations

  • EP Library Luxembourg

    Rue du Fort Thüngen, Luxembourg, L-1313, LU
    Borrow
  • EP Library Strasbourg

    7 Place Adrien Zeller, Allée du Printemps, Strasbourg, F-67070, FR
    Borrow
  • EP Library Brussels

    60 rue Wiertz, Brussels, B-1047, BE
    Borrow