Clarida, Richard H.; Friedman, Benjamin M. - Cowles Foundation for Research in Economics, Yale University - 1986
Short-term interest rates in the United States have been "too high" since 1979-10 in the sense that both unconditional …, underpredict short-term interest rates during this period. Although a non-structural model cannot directly answer the question of …-term interest rates. This finding is consistent with the authors' macroeconomic model, that the high average level of interest rates …