% WARNING: This file may contain UTF-8 (unicode) characters. % While non-8-bit characters are officially unsupported in BibTeX, you % can use them with the biber backend of biblatex % usepackage[backend=biber]{biblatex} @techreport{NBERw1610, title = "Conventional Valuation and the Term Structure of Interest Rates", author = "Shiller, Robert J", institution = "National Bureau of Economic Research", type = "Working Paper", series = "Working Paper Series", number = "1610", year = "1985", month = "April", doi = {10.3386/w1610}, URL = "http://www.nber.org/papers/w1610", abstract = {There does not appear to be a general tendency for long-term interest rates either to overreact or to underreact to short-term interest rates relative to a rational expectations model of the term structure. Rather, there appears to be some tendency for markets to set long-term interest rates in terms of a convention or rule of thumb that makes long rates behave as a distributed lag, with gradually declining coefficients, of short-term interest rates. People seem to remember the recent past but blur the mare distant. In some monetary policy regimes this convention implies overreaction, in others underreaction.}, }