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Vol. 89, No. 4
Posted 2007-07-01

Macroeconomic Implications of Changes in the Term Premium

by Glenn D. Rudebusch, Brian P. Sack, and Eric T. Swanson

The authors show that there is no structural relationship running from the term premium to economic activity, but a reduced-form empirical analysis does suggest that a decline in the term premium has typically been associated with stimulus to real economic activity, which contradicts earlier results in the literature.





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