Monetary policy surprises and the bank bill term premium
Has Australia's shift to an inflation-targeting monetary policy regime had a significant impact on investors' perception of interest-rate risks in the market? We find that since 1990, unanticipated adjustments to monetary policy have had a significantly larger impact on the term premium. This coincides with Australia's adoption of an inflation-targeting monetary policy. Since its implementation, unanticipated adjustments have conveyed more information to financial markets regarding the...[Show more]
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|Source:||Australian Journal of Management|
|01_Walsh_Monetary_policy_surprises_and_2008.pdf||287.95 kB||Adobe PDF||Request a copy|
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