Monetary Policy Transmission in Ghana: Does the Interest Rate Channel Work? pptx

... change in the interbank interest rate) The estimation points to an asymmetry in the adjustment of the interbank interest rate to changes in the policy interest rate. Asymmetries in the adjustment ... Market Interest Rates We begin by examining the linkages between wholesale market interest rates and the Bank of Ghana policy interest rate...

Ngày tải lên: 15/03/2014, 14:20

... was made the only one independently varying policy rate (RBI, 2011). The new operating framework with the modified LAF underlines the dominance of the interest rate channel of monetary transmission. ... lending rates. Dominance of this channel was also evident from the policy actions of RBI. Over the years, in comparison with other monetary policy instr...

Ngày tải lên: 29/03/2014, 13:20

... of the future stream of dividends. The discount rate used in the computation of the present value is, again, the long-term interest rate. The lower the level of long-term interest rates, the ... inflation and MMR volatility, I investigate whether these aspects of the monetary policy regime can explain some of the variance in the pass-through. In the pa...

Ngày tải lên: 15/03/2014, 14:20

... check whether the EMU break which is observed in the estimation of the baseline model can be explained by the change in the underlying trend in the market rate that coincided with the beginning of ... Wealth in in European Banking, Journal of Banking and Finance 24, pp. 831-859. Interest rate setting by universal banks and the transmission mechanism in the...

Ngày tải lên: 15/03/2014, 02:20

... between the actual interest rate and the optimal interest rate. The optimal interest rate is derived based on the true history of the economy at each time point, i.e., by substituting the vector ... point in the inflation rate drives the interest rate up by 0.11 percentage points; an increase of one percentage point in the output gap causes the inte...

Ngày tải lên: 15/03/2014, 14:20

... bank interest rates was highest in the Mediterranean countries reflecting the particular strong decline in the overall level of interest rates in those countries. Table 5.4 details the market ... support the conclusion that the interest rate series are integrated of order 1, so that I(1) holds. Given these findings, we proceed to test on cointegration between b...

Ngày tải lên: 15/02/2014, 05:20

... unwilling to go below, because of fears about the consequences for the functioning 1 In the case of the US, the federal funds rate has generally been trading 10-15 basis points below the rate of interest ... extending more than a year into the future. The release of the statement had an almost instantaneous effect on market expectations about the future path of the...

Ngày tải lên: 15/03/2014, 14:20

... over-determined, including real output and the real interest rate; the other, under-determined, including the price level and the money stock. Hence with an exogenous interest rate the price level ... falling interest rates in 2001–3. But reserves were contracting on average during 1995–6, when interest rates were falling, and they were growing on average when interest...

Ngày tải lên: 29/03/2014, 13:20

... The Interest Rate Conditioning Assumption 95 exercise. The market is trying to guess what the authorities will do, and their guess is then incorporated as the conditioning assumption to the initial ... which then forms one of the main inputs into the current interest rate deci- sion, the only strong requirement is that the conditioning assump- tion for the future p...

Ngày tải lên: 06/03/2014, 02:21

... and the specific country, it is redone for the other country. Then (1)-(3) are repeated for the subsequent interest rate. (1) Interest Rate: The ordering of presentation of the three interest rates ... that statement follow. In the London money market, the earliest dominant instrument was the bill of exchange and the corresponding representative interest rate...

Ngày tải lên: 06/03/2014, 14:20