News Shocks and the Slope of the Term Structure of Interest Rates: Comment

• 成果类型: Editorial Material
• 署名作者: Cascaldi-Garcia, Danilo
• 署名单位: University of Warwick
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20160547
• 发表日期: 2017
• 页码: 3243-3249
• 关键词: business cycles

摘要

Kurmann and Otrok (2013) establish that the effects on economic activity from news on future productivity growth are similar to the effects from unexpected changes in the slope of the yield curve. This comment shows that these results become substantially weaker in the light of a recent update in the utilization-adjusted total factor productivity series produced by Fernald (2014).