Zusammenfassung
"Next we review the behavior of the federal funds rate and the yield on 10-year Treasury Inflation-Protected Securities (TIPS) in the US before the crisis. We use data between January 1999, when the TIPS data begins, and July 2007, that is, the last month before the crisis started. Figure 1 shows that the Federal Reserve cut the federal funds rate agressively after the ""dot-com"" crash in 2000 and maintained it at 1% until June 2004, when interest rates were gradually increased to reach 5,25% in June 2006. "
