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This paper presents a careful reexamination of Chan, Karolyi, Longstaff, and Sanders (CKLS 1992).By redefining the possible regime shift period in line with evidence from known policy changes and past empiricalresearch, we find evidence that contradicts the major results in their paper. The widely cited conclusion of theirpaper is that the elasticity of interest rate volatility is 1.5. CKLS also concluded that there was no structural shiftin the interest rate process after October 1979....

The Elasticity of Interest Rate Volatility: Chan, Karolyi, Longstaff, and Sanders Revisited