Long-Memory Inflation Uncertainty
| Author | : David K. Backus |
| Publisher | : |
| Total Pages | : 33 |
| Release | : 2007 |
| ISBN-10 | : OCLC:1291169575 |
| ISBN-13 | : |
| Rating | : 4/5 ( Downloads) |
Book Synopsis Long-Memory Inflation Uncertainty by : David K. Backus
Download or read book Long-Memory Inflation Uncertainty written by David K. Backus and published by . This book was released on 2007 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a fractional difference model to reconcile two features of yields on US government bonds with modem asset pricing theory: the persistence of the short rate and variability of the long end of the yield curve. We suggest that this process might arise from the response of the heterogeneous agents to the changes in monetary policy.
