Anticipation and Surprises in Central Bank Interest Rate Policy ppt

... 1998 International Monetary Fund Anticipation and Surprises in Central Bank Interest Rate Policy The Case of the Bundesbank DANIEL C. HARDY* Market reaction to a change in official interest rates ... appropriate point in time. One consideration is that when a change in official rates is expected, money market interest rates should tend to move ANTICIPATION IN...

Ngày tải lên: 06/03/2014, 02:21

... defined in terms of accounting prices and accounting prices have no theoretical content in the Arrow-Debreu model. The central bank can be introduced to define the nominal rate of interest but, in ... property and he points to the arbitrary nature of the interest rate factor R and uses that property of the model to justify a role for the central bank in sett...

Ngày tải lên: 22/03/2014, 17:20

... nominal interest rate can be anything. Therefore, there would seem to be scope for an outside entity, the central bank, to choose the nominal interest rate. One way to think of a cen tral bank ... analogue of the central bank s power in a cash economy to print cash at any time. It may seem odd to claim that the central bank can determine the nominal interest rate with...

Ngày tải lên: 29/03/2014, 01:20

... interest rates are a major determinant of longer-term interest rates. In this section, we therefore explore the impact of the RBNZ’s interest rate projections on the behavior of longer-term interest ... changes in the projected interest rate path for the 90-day rate. In accordance with Section 3, we further controlled for changes in the corresponding interest rates ob...

Ngày tải lên: 22/03/2014, 23:20

... paper is preliminary. Materials published in this series may be subject to further publication. Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies ... DISCUSSION PAPERS MT-DP – 2006/15 Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies BALÁZS ÉGERT I...

Ngày tải lên: 15/03/2014, 14:20

... characterize the transmission of interest rate changes to in ation in Keynesian-style models. In these models changes in the nominal interest rate in uence the real interest rate due to the presence ... follow Svensson and Woodford (2003) and Wieland (2006) in studying policy performance using cal- 16 Ireland (2004) and Andres et al. (2006) investigate the direct...

Ngày tải lên: 29/03/2014, 13:20

... Figure 1. EURIBOR (interbank market interest rate) and loan and deposit interest rates and from 1988 to 2002 Loan and deposit interest rates reported are linear averages of actual interest charged ... (0.65 if savings are excluded). A 100 basic points (bp) increase in the money market interest rate implies an 85 bp increase in long run average loan interest ra...

Ngày tải lên: 15/03/2014, 14:20

... discounted. A. Interest Rate and Business Investment The first step in examining how higher interest rates may influence business investment decisions and performances is the understanding ... of such a policy would include deregulating credit and invest- Interest rates clearly need to be increased. ment, raising the interest rate, and devel 1 Ding a But the co...

Ngày tải lên: 15/03/2014, 14:20

... constant interest rates and for up to two years ahead in its quarterly In ation Report. 1 This was following the intro duction of a Monetary Policy Committee in June 1997 and an explicit in ation ... and forecast data, including the Bank of England fan chart one-year-ahead input standard deviations for in ation and output growth, when analyzing the Bank of England Monet...

Ngày tải lên: 22/03/2014, 23:20

... implied by cointegration of the bank interest rates and the corresponding market rates. Indeed, bank interest rates react significantly to misalignments with corresponding market rates and consequently ... adjustment of interest rates on mortgage loans in Spain, as well as in Ireland, Austria, Portugal and Finland is that the NRIR rates in these countries predominantl...

Ngày tải lên: 22/03/2014, 23:20