[Title Page]
Copyright
Contents
[Abstract] 5
Ⅰ. Introduction 6
Ⅱ. Model 9
Ⅲ. Subjective Beliefs and Credibility 12
Ⅳ. Term structure 16
Ⅴ. Estimation 19
Ⅵ. Credibility and the Responses of Long-term Rates 23
1. Price of Risk 23
2. Responses to structural shocks 25
3. Responses to changes in private perceptions 29
4. Volatility of Long-term Interest Rates 31
5. An Interpretation of Subjective Beliefs 31
Ⅶ. Conclusion 33
Appendix 34
Appendix A. Actual Laws of Motion 34
Appendix B. Estimation 37
Appendix C. Additional Figures 39
References 42
Abstract in Korean 45
BOK 경제연구 발간목록 46
[Back Cover] 56