Monetary Policy Actions and Long-Term Interest Rates doc

... monetary policy actions. Estimates of the relationship between long-term rates and policy actions New estimates of the relationship between mone- tary policy actions and long-term interest rates ... of the relationship between pol- icy actions and long-term rates. MONETARY POLICY AND LONG-TERM RATES: THEORY VS. REALITY The standard view of the mon...

Ngày tải lên: 06/03/2014, 02:21

... between Fed actions and long-term interest rates appears much looser and more variable.” These studies did not distinguish between anticipated and unanticipated actions, however, and it turns ... surprise policy actions and market interest rates; the response to anticipated actions is generally small. A second finding is that except at the short end of the yield cu...

Ngày tải lên: 06/03/2014, 02:21

... interest rates in 1994–5, 1999–2000 and 2005–6, and the period of falling interest rates in 2001–3. But reserves were contracting on average during 1995–6, when interest rates were falling, and ... correlation that they found between the interest rate and movements of the monetary base appeared only if such variables as output and prices, and even lagged interest...

Ngày tải lên: 29/03/2014, 13:20

... June. Research and analysis Public attitudes to inflation and interest rates 209Research and analysis Public attitudes to inflation and interest rates 209 earnings; that is, the amount of goods and services ... respondents’ attitudes to interest rates, including their understanding of the monetary policy framework and the transmission mechanism. The public’s attitu...

Ngày tải lên: 15/02/2014, 05:20

... Report and Bulletin Division. Research and analysis Public attitudes to inflation and interest rates 149 The second section summarises the public’s attitudes to interest rates and the conduct of monetary ... inflation Sources: Bank/GfK NOP survey and ONS. Chart 6 Inflation perceptions and annual CPI, RPI and RPIX inflation rates Research and analysis Public attitude...

Ngày tải lên: 15/02/2014, 05:20

... bank states its monetary policy in terms of money supply growth. As we have noted, however, today most central banks state their policy in terms of interest rates. Do mon- ey and interest rates have ... in- terest rates, and exchange rates with endogenously segmented markets. Journal of Political Economy. Alvarez, Fernando; Lucas, Robert E., Jr.; and Weber, Warren E. 200...

Ngày tải lên: 15/02/2014, 06:20

... rigidity of deposit rates. As documented in earlier studies (Hannan and Berger, 1991; and Neumark and Sharpe, 1992) deposit rates adjust sluggishly to changes in market interest rates. Deposit rate ... deposit rates. Park and Pennacchi (forthcoming) 7 and Hannan and Prager (2006) present empirical tests of this hypothesis, and both find that multimarket banks offer lo...

Ngày tải lên: 17/02/2014, 03:20

... rd ∗ i and rl ∗ i are bank i’s foreign currency deposit and loan rates and d ∗ i and l ∗ i are the demand for bank i’s foreign currency deposits and loans. R ∗ d and R ∗ l are the respective interest ... banks’ interest rates {rd i , rd ∗ i , rl i , rl ∗ i } 1 i=0 , interest rate indexes {R d , R ∗ d , R l , R ∗ l } and loan and de- posit demands {d, d ∗ , l, l ∗ } s...

Ngày tải lên: 22/03/2014, 23:20

... bank states its monetary policy in terms of money supply growth. As we have noted, however, today most central banks state their policy in terms of interest rates. Do mon- ey and interest rates have ... in- terest rates, and exchange rates with endogenously segmented markets. Journal of Political Economy. Alvarez, Fernando; Lucas, Robert E., Jr.; and Weber, Warren E. 200...

Ngày tải lên: 22/03/2014, 23:20

... of interest rates models 7 Quantum field theory of forward interest rates 147 7.1 Quantum field theory 148 7.2 Forward interest rates action 151 7.3 Field theory action for linear forward rates ... forward interest rates 251 10.1 Forward interest rates Hamiltonian 252 10.2 State space for the forward interest rates 253 10.3 Treasury Bond state vectors 260 10.4 Hamiltonia...

Ngày tải lên: 23/03/2014, 12:20