IDEAS home Printed from https://ideas.repec.org/h/spr/lnechp/978-3-642-21575-9_1.html
   My bibliography  Save this book chapter

Introduction

In: The Yield Curve and Financial Risk Premia

Author

Listed:
  • Felix Geiger

    (University of Hohenheim)

Abstract

One striking feature since the 1980s has been an observed trend decline in macroeconomic volatility for most industrialized countries. Standard deviations of output and inflation have significantly fallen with the timing of occurrence varying across countries. However, the phenomenon has been so pronounced that it has been labeled the “Great Moderation” (Blanchard and Simon, 2001; Bernanke, 2004c). Apart from the “good luck” hypothesis, the “good policy” approach, with an improved performance of macroeconomic policy, has been promoted as a major contributor to increased economic stability. This stylized fact has been accompanied by central banks becoming more independent and more transparent using the channel of communication and adopting some variants of the inflation targeting framework. The argument relies on the proposition that the commitment to deliver price stability in the medium term has promoted an environment of increased predictability of monetary policy thereby reducing overall macroeconomic uncertainty.

Suggested Citation

  • Felix Geiger, 2011. "Introduction," Lecture Notes in Economics and Mathematical Systems, in: The Yield Curve and Financial Risk Premia, chapter 0, pages 1-6, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-21575-9_1
    DOI: 10.1007/978-3-642-21575-9_1
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:lnechp:978-3-642-21575-9_1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.