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Do term premiums matter? Transmission via exchange rate dynamics

Summary:
by Mitsuru Katagiri and Koji TakahashiUsing a small open economy model with long-term bonds, we ask whether term premia affect the inflation rate and the economy via the exchange rate.

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by Mitsuru Katagiri and Koji Takahashi
Using a small open economy model with long-term bonds, we ask whether term premia affect the inflation rate and the economy via the exchange rate.
International Settlement
The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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