Term Structure of Interest Rates in the Onshore Markets of the United States, Germany, and Japan PDF Download
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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Author: Helen Popper
Publisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 38
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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Author: Helen POPPER
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Mr.Jun Nagayasu
Publisher: International Monetary Fund
ISBN: 1451874723
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
This paper empirically evaluates the validity of the term structure of interest rates in a low-interest-rate environment. Applying a time-series method to high-frequency Japanese data, the term-structure model is found to be useful for economic analysis only when interest rates are high. When interest rates are low, the usefulness of the model declines, since the interest spread contains little information that can be used for predicting future economic activity. The term-structure relationship is also weakened by the Bank of Japan's use of interest rate smoothing.
Author: Gary Stephen Shea
Publisher:
ISBN:
Category : Debt
Languages : en
Pages : 286
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Author: N. Gregory Mankiw
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
The relationship between long-term and short-term interest rates is crucial for macroeconomic policy evaluation. Since the short-term interest rate is the opportunity cost of holding money, it is widely believed that the Federal Reserve has more direct control over short-term than over long-term interest rates in the United States. Yet if capital is costly to adjust or takes time to place into use, investment decisions may depend on long-term interest rates. The term structure of interest rates thus appears central to the monetary transmission mechanism. Unfortunately, the determinants of the term structure remain poorly understood.This paper uses data from the United States, Canada, and the United Kingdom, and Germany to examine various hypotheses regarding the term structure. My goal is to see whether the experiences of these four countries since 1960 can help provide a general explanation of the term structure. In the United States many observers believe the large variations in the long-term interest rate since 1979 are not adequately explained by movements in short-term interest rates. Of particular interest is whether the experience of the United States in these and earlier years merely reflects an unusual historical episode. If it does, it would be inappropriate to draw any general conclusions from this experience or to extrapolate this experience into the future.This study is in part motivated by apparent differences between recent experience in the United States and experience elsewhere. In 1985, the rate on long-term government bonds in the United States exceeded the rate on three-month Treasury bills by more than 300 basis points. By contrast, the long-term interest rate in the United Kingdom was more than 100 basis points below the short-term interest rate. Interpreting such divergent national experiences is the primary purpose of studying the term structure more generally.
Author: Hans-Eggert Reimers
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Author:
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ISBN:
Category :
Languages : en
Pages : 241
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Author: Peter S. Rose
Publisher: McGraw-Hill/Irwin
ISBN:
Category : Business & Economics
Languages : en
Pages : 760
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This highly successful text continues to gain market share in addition to holding to a very loyal base of business. This text, while highly descriptive is also very comprehensive. It analyzes the entire financial system and its component parts with an expanded discussion in nearly every chapter of the trend toward globalization of financial markets and institutions. It also discusses all major types of financial instruments and provides a thorough grounding in interest rate and security price determination.
Author:
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 56
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