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Unconventional monetary policy reaction functions: evidence from the US

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Academic year: 2021

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Figure

Table 1. Unconventional monetary policy rule - DOLS model.
Table 3. Specific threshold tests.
Table  6  summarises  the  results  of  the  MSR  model  estimation.  From  an  empirical  point  of  view,  our  specification  assumes  that  the  term  spread  (TS)  responds  to  the  growth  rate  of  central  bank reserves (RG) in a nonlinear fashion
Figure  1.  Term  spread,  growth  rate  of  central  bank  reserves,  FOMC  actions  and  smoothed  probability (regime 1).
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