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Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.


Vol. 88, No. 2 (Posted 2006-03-01)

Macroeconomic News and Real Interest Rates

by Kevin L. Kliesen and Frank A. Schmid

Economic news affects the perceptions of investors, forecasters, and policymakers about the economy. The authors evaluate the responses of the yield of 10-year TIIS to nearly 3 dozen macroeconomic announcements and find that the real long-term interest rate responds to surprises in a handful of key macroeconomic indicators (e.g., labor productivity growth).

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