Author: James Allen Wilcox
Publisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 40
Book Description
The central goverment now issues both nominal and iflation indexed long-term bonds in the United Kingdom. The difference in their yields provides one measure of the long-term expevted rate of inflation. The evidence suggests that higher long-term, expected , real yields are associated with forecasts of higher income, with tigher monetary policy, and with positive aggregate supply shocks. Changes in the short-termgrowth rate of the monbetary base, which presumably capture the so-called liquidity effect on the short-terminterst rates, do not perceptibly alterlong-term real rates. Long-term real rates also appear to be unaffected by the rate of expected inflation. Comparison with nominal interest rate equiation estimates reveals that conclusions about the effect of all variables are extremely sensitive to the choice of a proxy for expected long-term inflation.
Short-term Movements of Long-term Real Interest Rates
Author: James Allen Wilcox
Publisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 40
Book Description
The central goverment now issues both nominal and iflation indexed long-term bonds in the United Kingdom. The difference in their yields provides one measure of the long-term expevted rate of inflation. The evidence suggests that higher long-term, expected , real yields are associated with forecasts of higher income, with tigher monetary policy, and with positive aggregate supply shocks. Changes in the short-termgrowth rate of the monbetary base, which presumably capture the so-called liquidity effect on the short-terminterst rates, do not perceptibly alterlong-term real rates. Long-term real rates also appear to be unaffected by the rate of expected inflation. Comparison with nominal interest rate equiation estimates reveals that conclusions about the effect of all variables are extremely sensitive to the choice of a proxy for expected long-term inflation.
Publisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 40
Book Description
The central goverment now issues both nominal and iflation indexed long-term bonds in the United Kingdom. The difference in their yields provides one measure of the long-term expevted rate of inflation. The evidence suggests that higher long-term, expected , real yields are associated with forecasts of higher income, with tigher monetary policy, and with positive aggregate supply shocks. Changes in the short-termgrowth rate of the monbetary base, which presumably capture the so-called liquidity effect on the short-terminterst rates, do not perceptibly alterlong-term real rates. Long-term real rates also appear to be unaffected by the rate of expected inflation. Comparison with nominal interest rate equiation estimates reveals that conclusions about the effect of all variables are extremely sensitive to the choice of a proxy for expected long-term inflation.
Short-term Movements of Long-term Real Interest Rates. Evidence from the U.K. Indexed Market
Author: James A. Wilcox
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
Book Description
Co-Movements in Long-Term Interest Rates and the Role of PPP-Based Exchange Rate Expectations
Author: Jan Marc Berk
Publisher: International Monetary Fund
ISBN: 1451850344
Category : Business & Economics
Languages : en
Pages : 29
Book Description
This paper investigates international co-movement in bond yields by testing for uncovered interest parity (UIP). Existing work is supplemented by focusing on long instead of short-term interest rates and by employing exchange rate expectations derived from purchasing power parity (PPP) instead of actual outcomes. Among the major currencies during 1975-97, the paper does not find a further increase in co-movement beyond that associated with the wave of financial market liberalization in the early 1980s. Given the similarity between PPP-based UIP tests and those employing actual exchange rate outcomes, the value added of the former lies mainly with data availability.
Publisher: International Monetary Fund
ISBN: 1451850344
Category : Business & Economics
Languages : en
Pages : 29
Book Description
This paper investigates international co-movement in bond yields by testing for uncovered interest parity (UIP). Existing work is supplemented by focusing on long instead of short-term interest rates and by employing exchange rate expectations derived from purchasing power parity (PPP) instead of actual outcomes. Among the major currencies during 1975-97, the paper does not find a further increase in co-movement beyond that associated with the wave of financial market liberalization in the early 1980s. Given the similarity between PPP-based UIP tests and those employing actual exchange rate outcomes, the value added of the former lies mainly with data availability.
Long-term and Short-term Interest Rates
Author: Frank Walter Paish
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 72
Book Description
Three lectures in which the author puts forward a modification of keneysian theory of interest rates.
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 72
Book Description
Three lectures in which the author puts forward a modification of keneysian theory of interest rates.
The Causes and Consequences of Recent Interest Rate Movements
Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy
Publisher:
ISBN:
Category : Interest rate
Languages : en
Pages : 222
Book Description
Publisher:
ISBN:
Category : Interest rate
Languages : en
Pages : 222
Book Description
Long-term Interest Rates in Globalised Markets
Author: Hans Christiansen
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 50
Book Description
Taux d'intérêt à long terme dans les Pays du Groupe des Dix.
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 50
Book Description
Taux d'intérêt à long terme dans les Pays du Groupe des Dix.
Negative Interest Rate Policy (NIRP)
Author: Andreas Jobst
Publisher: International Monetary Fund
ISBN: 1475524471
Category : Business & Economics
Languages : en
Pages : 48
Book Description
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Publisher: International Monetary Fund
ISBN: 1475524471
Category : Business & Economics
Languages : en
Pages : 48
Book Description
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
International Short-term Capital Movements
Author: Charles Poor Kindleberger
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 318
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 318
Book Description
Interest Rate Analysis and Forecasting
Author: David Kern
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 152
Book Description
The focus of this book is on interest rate forecasting, and the interaction between analytical factors, political and economic developments and changes in the financial markets. The book takes an international approach with the emphasis on the USA, Germany, Japan and the UK.
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 152
Book Description
The focus of this book is on interest rate forecasting, and the interaction between analytical factors, political and economic developments and changes in the financial markets. The book takes an international approach with the emphasis on the USA, Germany, Japan and the UK.
Canadian Long-term Real Interest Rates
Author: Charles Freedman
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 26
Book Description
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 26
Book Description