Ellingsen, Tore; Söderström, Ulf - Economics Institute for Research (SIR), … - 1998
interest rates. In particular, we show in a dynamic macroeconomic model that if monetary policy reveals information about … economic developments, interest rates of all maturities move in the same direction in response to a policy innovation. If, on … the other hand, monetary policy reveals information about the central bank's policy preferences, short and long interest …