Much research has been concerned with forecast efficiency regressions. Recently, Patton and Timmermann (2012) proposed a more powerful kind of forecast efficiency regression at multiple horizons, which provides evidence against the efficiency of the Fed's Greenbook forecasts. I use their...

This paper investigates the effects of monetary policy announcements at the zero lower bound using Japanese data from 1998 to 2013. I find that the effect of expansionary monetary policy shocks is directly passed on to corporate bond yields, notably for high-grade corporate bond yields. However,...

This paper examines the spillovers of US credit supply to small open economies by focusing on three Asian economies, Korea, Singapore, and Taiwan, from 1999 to 2019. We employ a proxy vector autoregressive model (VAR) to identify credit supply shocks in the US and estimate dynamic responses in...