INTEREST RATES AND THE CONDUCT OF MONETARY POLICY pot
Dual-track interest rates and the conduct of monetary policy in China potx
... On the other hand, the impact of CBB issuance on market interest rates is small compared to that of the benchmark deposit rate and the RRR. This is because the average size of an issue of CBB ... middle of the yield curve out to the two ends of the curve. Therefore, to examine the transmission mechanism, we need to consider the impact at both ends of...
Ngày tải lên: 29/03/2014, 13:20
The Conduct of Monetary Policy: Strategy and Tactics
... 16-3 Other Goals of Monetary Policy • Five other goals are continually mentioned by central bank officials when they discuss the objectives of monetary policy: – (1) high employment and output ... the world have become increasingly aware of the social and economic costs of inflation and more concerned with maintaining a stable price level as a goal of econom...
Ngày tải lên: 15/11/2013, 20:27
Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices
... significant and shorter-lived than the GDP decline in the other group. The reactions of the other variables to a monetary policy shock are essentially the same. A third important characteristic of the ... product (GDP) and interest rates. 6 Much of the interest in the behaviour and determination of asset prices stems from their role in episodes of...
Ngày tải lên: 24/10/2012, 09:40
BANK LENDING AND THE TRANSMISSION OF MONETARY POLICY pdf
... for the other variable of particular interest, loans. The testable hypotheses are then obtained by taking derivatives of the CD and the loan equations with respect to the federal funds rate and ... ignoring the differing responses of constrained and unconstrained banks potentially can affect the size of the impact of monetary policy on the economy and...
Ngày tải lên: 15/03/2014, 10:20
Tài liệu Macro-Finance Models of Interest Rates and the Economy pdf
... affected the behavior of the term structure of interest rates, and especially the size and dynamics of risk premiums. Therefore, Rudebusch and Wu (2007) use their macro-finance model to consider whether ... solved and responses of the term premium and the other variables of the model to economic shocks can be computed. Figures 5 and 6 show the impulse resp...
Ngày tải lên: 17/02/2014, 03:20
Interest Rates and The Credit Crunch: New Formulas and Market Models potx
... accordingly the corresponding market models. Again, the choice of the discount curve D depends on the credit worthiness of the counterparty and on the possible presence of a collateral mitigating the ... equivalently applied to the new dynamics of rates F D k . 20 20 The calculations are essentially the same. Their length depends on the chosen volatility func...
Ngày tải lên: 15/03/2014, 07:20
Do Low Interest Rates Sow the Seeds of Financial Crises? pptx
... otherwise. 3.2 Firms Financial and non…nancial …rms di¤er in the way they are funded, in the types of investments they make and the productivity of these investments. Financial …rms …nance their ... variations of the interest rate around the second best, we …nd that lower rates lead to less risk taking regardless of the value of h and that indeed for the lo...
Ngày tải lên: 15/03/2014, 14:20
Zero Interest Rates and the Fall in U.S. Bank Lending pdf
... especially small and medium sized, languished despite the gargantuan efforts of the Fed to expand the size of the banking system. Why was it a mistake for the Fed to flood the system with ... expansionary impact of the whole regime. Here I focus just on monetary policy, which is under the control of just one entity: the U.S. Federal Reserve Bank. And be...
Ngày tải lên: 22/03/2014, 17:20
Research " ESSAYS ON THE DESIGN OF MONETARY POLICY WITH INCOMPLETE INFORMATION " pdf
Ngày tải lên: 23/03/2014, 05:22