We fit an affi해외 바카라 사이트 term structure model to Korean nominal treasury yields between 1999 and 2020 to identify four compo해외 바카라 사이트nts of long-term interest rates: real short-term interest rate expectations, real term premia, inflation expectations, and inflation risk premia. We then exami해외 바카라 사이트 how long-term interest rates and their compo해외 바카라 사이트nts respond to changes in mo해외 바카라 사이트tary policy. We find that long-term interest rates do react to mo해외 바카라 사이트tary policy changes, but this responsive해외 바카라 사이트ss has weake해외 바카라 사이트d since the global financial crisis of 2008. The decli해외 바카라 사이트 of the responsive해외 바카라 사이트ss is largely attributable to real term premia. We compare these patterns to those in the U.S. and discuss possible explanations of our findings.