On the Need for a New Approach to Analyzing Monetary Policy
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We present a pricing kernel that summarizes well the main features of the dynamics of interest rates and risk in postwar U.S. data and use it to uncover how the pricing kernel has moved with the short rate in this data. Our findings imply that standard monetary models miss an essential link between
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美国国家经济研究局创建时间：
2008-08-01
