Real Interest Rate Persistence: Evidence and Implications ppt

... affect the real inter- est rate that is, whether the real rate behaves like a random walk. Such studies often report evidence T he real interest rate an interest rate adjusted for either realized ... evidence of threshold behavior in real interest rates is potentially interesting, the models do not obviate the persistence in real interest rates, as there are still...

Ngày tải lên: 15/03/2014, 14:20

... real interest rates may be non-stationary raises some theoretical problems as discussed in Rose (1988). Real Interest Rate Linkages: Testing for Common Trends and Cycles Darren Pain* and Ryland ... Katsimbris and Miller (1993) who examined nominal interest rate linkages. IV Long-term real interest rates in the G3 Several recent studies have looked at the determinants o...

Ngày tải lên: 15/03/2014, 14:20

... a neutral real interest rate can be thought of as a benchmark, where a contractionary real interest rate is sometimes referred to as ‘above neutral’, and a stimulatory real interest rate is ‘below neutral’. ... “short run neutral real interest rate and the “long run equilibrium real interest rate are discussed in the next sections. 4.1 A shorter run concept of...

Ngày tải lên: 15/03/2014, 01:20

... line. 26 rate loan share on the real interest rate, quarterly inflation rate, the 10-1 year Treasury yield spread, as well as a time trend and the average log real loan size and log maturity ... sensitive to interest rates and other external shocks, empirical work on corporate risk management has focused instead on large public companies. This paper studies fixed -rate...

Ngày tải lên: 15/03/2014, 10:20

... gap 1965 1970 1975 1980 1985 1990 1995 2000 2005 -5.0 -2.5 0.0 2.5 5.0 7.5 10.0 12.5 15.0 -5.0 -2.5 0.0 2.5 5.0 7.5 10.0 12.5 real interest rate gap Inflation Figure 5: Natural real interest rate gap ˜r t (= r t − r ∗ t ) and inflation rate, euro area. 16 ECB Working Paper Series ... actual and the natural real rate an d the real rate gap (r t ,r ∗ t and ˜r t ) an...

Ngày tải lên: 22/03/2014, 23:20

Ngày tải lên: 15/02/2014, 05:20

... loan rate, the current policy rate, and the previous loan rate. 16 It states that the relative weights on the expected loan rate and the previous loan rate increase as the sluggishness of loan rates ... Rudebusch and Svensson (1999), Rudebusch (2002a, 2002b), Levin and Williams (2003), and Ellingsen and S¨oderstr¨om (2004). See Sack and Wieland (2000) and Rudebusch (20...

Ngày tải lên: 17/02/2014, 03:20

... moderate range. 14 De Long and Summers (1986) point out that the effects of panics may be somewhat limited because the impact on interest rates and other financial variables was typically small and ... Bernanke (1990) argues that interest rate cuts and other actions by the Federal Reserve following the stock market crash of 1987 prevented a significant financial crisis and the r...

Ngày tải lên: 17/02/2014, 21:20

... Revisited: Is Publishing Interest Rate Forecasts Really so Valuable? 0LFKDï%U]R]D%U]H]LQD Adam Kot NATIONAL BANK OF POLAND WORKING PAPER No. 52 5HIHUHQFHV National Bank of Poland 20 :HEHU$ +RZVKRXOGFHQWUDOEDQNVVLJQDOWKHLULQWHQWLRQVUHJDUGLQJIXWXUH interest ... OHGJHWUDQVSDUHQF\  (FRQRPLFVRI*RYHUQDQFHSS 5HIHUHQFHV :25.,1*3$3(51R 19 *LDQQRQL...

Ngày tải lên: 06/03/2014, 02:21

... sociological evidence, see Dwyer and Bruce (1988), Blumberg (1988), and Guyer and Peters (1987) and references therein. 14 See Thomas (1993); Hoddinot and Haddad (1994, 1995); Doss (1996b); Glick and ... both this and Glick and Sahn's results may be explained in ways that do not involve intrahousehold bargaining and differential preferences of wives and husban...

Ngày tải lên: 14/03/2014, 09:20