Lemke, Wolfgang; Vladu, Andreea - 2015
attention to the period since late 2011 when interest rates have been at the lowest level since the inception of EMU. The shadow …We model the dynamics of the euro area yield curve using a shadow-rate term structure model (SRTSM), with particular … effect diminishes for longer maturities. The shift-down in the euro area yield curve between April and June 2014 appears to …