You are cordially invited to a brown bag seminar by Mark Jerome De Leon, PhD candidate at the UP School of Economics. The seminar will be tomorrow, July 8, 2026 (Wednesday), 12NN, at Room 301, Encarnacion Hall, School of Economics, University of the Philippines.
Seminar title: Monetary Policy Transmission Through Expectations and Risk-Pricing Channels
Short Description:
This study examines how monetary policy is transmitted through the Philippine yield curve by decomposing nominal interest rates into expectations and risk pricing components. It combines a survey-disciplined decomposition with maturity profile, forward rate, and policy news regressions to examine how yield components respond to policy rate changes.
The evidence shows that transmission varies by maturity. Short maturity responses are driven mainly by expected real rate movements, while medium and long maturity responses increasingly reflect real term premia and inflation risk premia. The study shows how yield decomposition clarifies the channels through which monetary policy affects long term interest rates in a nominal yield-only market environment.
