Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists doc

... summarize policy recommendations regarding the additional easing of monetary policy under a zero interest rate. 17 99 Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists 14. ... The 116 MONETARY AND ECONOMIC STUDIES /FEBRUARY 2001 117 Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Eco...

Ngày tải lên: 15/03/2014, 14:20

... magnitude of stress levels became substantially larger. A calculation of the mean of the magnitudes of the stress levels at each European Central Bank decision point showed an average difference of ... Rate France Monetary Policy in the Eurozone: Evaluating the European Central Bank s interest rate decisions and the needs of member states using a Taylor rule Teja...

Ngày tải lên: 29/03/2014, 13:20

... the Zero- Interest- Rate Bound 3.1 The Zero- Interest- Rate Bound Under normal circumstances, when the short-term nominal interest rate is well above zero, the central bank can ease monetary policy ... the Bank of Canada, the London School of Economics and the European Central Bank. The opinions expressed are those of the authors and do not necessarily reflect vie...

Ngày tải lên: 22/03/2014, 23:20

... sources of interest income. The sluggishness of most bank deposit rates is such that the key parameter of the response of interest income to the monetary policy instrument is likely to be the size of ... st-sec: ratio of all short securities to GDP; – dep-share: share of non -bank deposits in the assets of banks; – staff-cost and nni: ratios of banks’ staff costs...

Ngày tải lên: 15/03/2014, 14:20

... How does monetary policy affect output and inflation is an important question? The monetary policy framework of a central bank aims to attain the desired objectives of policy in terms of inflation ... money (M 3 ), underlining the importance of interest rate as a potent monetary policy tool. JEL Classification: E43, E52, E58 Key words: Interest Rate Channel,...

Ngày tải lên: 29/03/2014, 13:20

... VARs Describe Monetary Policy? Working Paper 98-19. Federal Reserve Bank of Chicago. Evans, Charles L., & Marshall, David. 1998. Monetary Policy and the Term Structure of Nominal Interest Rates: ... Rate as a Predictor of Federal Reserve Policy. Journal of Futures Markets, 16(8), 865–879. Mehra, Yash P. 1996. Monetary Policy and Long-Term Interest Rates. Federal...

Ngày tải lên: 06/03/2014, 02:21

... market share of different types of banks in Vietnam, and that of four biggest state-owned banks. Share of different types of Banks 65.0% 13.0% 0.6% 21.4% State-owned bank Urban Commercial Banks Rural ... venture banks and branch of foreign banks in Vietnam. However, SBV has to regulate conditions of attending banks to keep stability of interbank market. - All banks woul...

Ngày tải lên: 15/03/2014, 01:20

... shift of the projected interest rate path over the medium term. Put differently, the level component of a monetary policy surprise is zero, if markets were only surprised about the timing of the interest ... been the first central bank that began to publish interest rate projections in order to improve its guidance of monetary policy. This paper provides new evidence...

Ngày tải lên: 22/03/2014, 23:20

... lower short or medium term interest rates. Conversely, if the central bank considers any breach or lax implementation of the Pact as an indication of an unduly expansionary fiscal policy leading to higher ... determinants of the interest rate swap spreads the interest rate swap spread in the US, a measure of bond market liquidity, a measure of the stock market risk/volat...

Ngày tải lên: 22/03/2014, 23:20

... of duration, a widely used measure of interest rate sensitivity of fixed-income securities, can be extended to common stocks. Thus, the empirical duration of equity is an indicator of the interest ... three main reasons. First, the interest rate exposure of Spanish banks varies over time, and the time-series dimension of the variables of interest provides a wealth o...

Ngày tải lên: 22/03/2014, 23:20