Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

There has been some work on that. It looks as though in a couple of foreign industrial countries that there is some evidence of declines in term premiums. It’s very difficult to determine why those term premiums have been falling or, more generally, why long-term bond yields in the foreign countries have been going down recently with those in the United States. Part of that is likely due to the fact that global financial markets are extremely well integrated; so when U.S. yields move, foreign yields have a tendency to move as well, along with the kind of changes in exchange rates you might expect.

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