Monetary Policy and Interest Rates

JUAN AYUSO Banco de España, Research DepartmentLUIGI BUTTIGLIONE Banca d'Italia, Servizion Studi JAGJIT S. CHADHA Bank of EnglandPAOLO DEL GIOVANE Banca d'Italia, Servizio Studi FRANCESCO DRUDI Banca d'Italia, Servizio Studi CARLO FAVERO Università Bocconi and Center for Economic Policy Research JOE A. GANLEY Bank of EnglandSTEFAN GERLACH Bank for International Settlement and Centre for Economic Policy ResearchFABRIZIO IACONE Università BocconiPETER KUGLER University of BernJEFFREY H. NIELSEN Copenhagen Business SchoolSOLEDAD NUNEZ Banco de EspañaMARCO PIFFERI Università BocconiRICCARDO ROVELLI Università Bocconi and IGIERGLENN RUDEBUSCH Federal Reserve Bank of San FranciscoFRANK SMETS Bank for International Settlement and Centre for Economic Policy ResearchORESTE TRISTANI Banca d'Italia, Servizio StudiROBERTO VIOLI Banca d'Italia, Servizio Studi

• List of Contributors Introduction Monetary Policy and Interest Rates; I.Angeloni and R.Rovelli Exchange Rate Regimes and the Expectation Hypothesis of the Term Structure; S.Gerlach and F.Smets Decomposing the Term Structure Into Risk Premia and Expectations: Evidence for the Eurolira Rates; F.Drudi and R.Violi Long Term Bond Yields, Monetary Policy and the Expectation Hypothesis of the Term Structure of Interest Rates; P.Kugler Borrowed Reserves, Fed Funds Rate Targets, and the Term Structure; J.Nielsen Monetary Policy Actions and the Term Structure of Interest Rates: A Cross-country Analysis; L.Buttiglione, P.Giovane and O.Tristani Monetary Policy, Inflation Persistence and the Term Structure of Interest Rates: Estimates for the UK, Germany and the US; J.Chadha and J.Ganley Monetary Policy, Forward Rates and Long Rates: Does Germany Differ from the US?; C.Favero, F.Iacone and M.Pifferi Is the Term Structure of Interest Rates a Useful Indicator for Spanish Monetary Policy?; J.Ayuso and S.Nunez Monetary Policy and the Term Structure of Interest Rates: An Overview of Some Recent Research; G.Rudebusch Using the Term Structure of Interest Rates for Monetary Policy; M.Goodfriend Index