Net foreign assets, interest rate policy, and macroeconomic stability potx

... the nominal interest rate to r espond negativ ely to changes in net foreign debt. 18 Ne t foreign assets, interest rate policy, and m ac roeconom ic stability Ludger Linnemann ∗ and A nd reas ... reacting on inflation — e.g. by pegging the interest rate. JEL cla ssification: E52, E 32, F41 Keywords: Interest rate policy, net foreign assets, saddle path s...

Ngày tải lên: 22/03/2014, 17:20

... nominal interest rates adjust instantaneously in keeping with uncovered interest rate parity. 13 If the foreign nominal interest rate is set constant, all movements in the exchange rate are ... of users of interest rate swaps. Financial firms (e.g., banks) are comparatively infrequent users of interest rate swaps and they are primarily interest rate swap dealers....

Ngày tải lên: 15/03/2014, 14:20

... offi- cial interest rates by the U.S. Federal Reserve (for instance, Lombra and Torto, 1977; Thornton, 1986 and 1994; Cook and Hahn, 1988 and 1989; and Radecki and Reinhart, 1994), the Bank of England ... rate Discount rate 3-month interest rate official interest rate s τ that exactly determines the current overnight inter- bank interest rate, which will be denote...

Ngày tải lên: 06/03/2014, 02:21

... Central Banking September 2010 Table 1. Monetary Policy Committee Meetings, Interest Rate Decisions, and Surprise Measures The table contains interest rate decisions of the MPC for the period ... −71082 (continued) Bank of England Interest Rate Announcements and the Foreign Exchange Market ∗ Michael Melvin, a Christian Saborowski, b,c Michael Sager, c,e and Mark P. Taylor...

Ngày tải lên: 06/03/2014, 14:20

... NEER and REER have been compiled by the authors on the basis of exchange rate and foreign trade data provided by the IMF and GSO. For details, see Nguyen Tran Phuc and Nguyen Duc- Tho (2009) and ... 1998 and 2001 are taken from Zhang and Liang (2006); Data for Vietnam are adapted from Nguyen Thi Kim Anh and Pham Thi Hoang Oanh (2007) for 1998, 2001 and 2004, and are...

Ngày tải lên: 07/03/2014, 18:20

... M^HELYTANULMÁNYOK DISCUSSION PAPERS MT-DP – 2006/15 Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies BALÁZS ÉGERT INSTITUTE OF ECONOMICS, ... series may be subject to further publication. Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies Balázs Égert, Oester...

Ngày tải lên: 15/03/2014, 14:20

... savings; x^ - foreign rate of inflation, measured by WPI in the U.S. r* =foreign nominal interest rate measured by London Inter Bank Borrowing Rate (LIBOR); x - domestic rate of inflation ... a Standard Project A. Parameters (1) Nominal rate of interest 8.16% (average 1980-89) (2) Rate of inflation 16.24% (average 1980-89) (3) Corporate income tax ra...

Ngày tải lên: 15/03/2014, 14:20

... additional effect on the nominal interest rate, and a negative interest rate prescribed by the interest rate rule cannot be implemented. Orphanides and Wieland (2000) illustrate this point using recent ... real interest rate; r ∗ : equilibrium real interest rate; e w : trade-weighted real exchange rate;  d : aggregate demand shock; l: long-term nominal interest rate;...

Ngày tải lên: 22/03/2014, 23:20

... countries in the monetary union, Fernanda Nechio groups Italy with the core countries (Austria, Belgium, France, Finland, Germany, and the Netherlands) as “its inflation rate and unemployment ... recommended rate during those years. This inflation difference and higher recommended rate is noted in other studies. 37 One study suggests that the “the fitted interest rate fo...

Ngày tải lên: 29/03/2014, 13:20

... Bank Stock Returns to Changes in Interest Rates (By Bank Characteristics and the Usage of Interest Rate Derivatives) Interest Rate Surprise Variable × Interest Rate Surprise Level Slope Swaps ... quite sticky and, in many cases, the rates paid on these deposits respond very sluggishl y to changes in market interest rates; see, for exam- ple, Hannan and Berger [1991] and...

Ngày tải lên: 17/02/2014, 03:20