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The Term Structure of Interest Rates in a Small Open Economy: A Stochastic Analysis (2000)

Fisher, Walter H.

Springer

Open economies review 11 (2000), S. 261-278

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ISSN: 1573-708X

Keywords: open economy ; term structure

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract This article employs a rational expectations IS-LM model with price adjustment to study the effect of domestic monetary and fiscal policy and world interest rate disturbances on the real and nominal small open economy term structure of interest rates. The impact of both temporary and permanent shocks are investigated. Notable results include the fact that monetary expansions lead to positive yield curves, while the implications of fiscal expansions and increases in the world interest rate depend crucially on the duration of the shock.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1023/A:1008326924208

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