drewyallop
New
Thank you for the clarification dbl and footwedge. I now understand Mandrin's conclusion that centripetal force is the cause of the release. I admit not reading the paper further after encountering the quoted passage (which I cannot find now). Apologies to Mandrin for the criticism.
Suggestion to Mandrin: Most scholarly papers begin with an abstract. I think your papers would benefit. Here is an example:
Suggestion to Mandrin: Most scholarly papers begin with an abstract. I think your papers would benefit. Here is an example:
Previous research has emphasized the portfolio balance effects of Federal Reserve bond purchases, in which a reduced bond supply lowers term premia. In contrast, we find that such purchases have important signaling effects that lower expected future short- term interest rates. Our evidence comes from dynamic term structure models that decompose declines in yields following Fed announcements into changes in risk premia and expected short rates. To overcome problems in measuring term premia, we consider unbiased model estimation and restricted risk price estimation. We also characterize the estimation uncertainty regarding the relative importance of the signaling and portfolio balance channels.