Dual-track interest rates and the conduct of monetary policy in China potx

... He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy in China 10 2 Institutional background 2.1 The monetary policy framework in China 2 According ... Dong He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy in China 14 Interest rates (yields) in the...

Ngày tải lên: 29/03/2014, 13:20

Ngày tải lên: 15/03/2014, 01:20

... Anchor • Over the past few decades, policy makers throughout the world have become increasingly aware of the social and economic costs of inflation and more concerned with maintaining a stable ... requirements – Discount rate • Policy instrument (operating instrument) – Reserve aggregates – Interest rates – May be linked to an intermediate target • Interest- rate and...

Ngày tải lên: 15/11/2013, 20:27

... 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 financial instability. Since there is a natural ... Given the large 16 To identify the monetary policy shock it is sufficient to determine the position of the monetary policy instrument; the ordering...

Ngày tải lên: 24/10/2012, 09:40

... highlights the importance of considering regulatory factors when investigating the size and nature of the impact of monetary policy on the economy. Since monetary policy operates through the banking ... policy. In the money view, policy actions affect the overall level of interest rates and interest- sensitive spending. The crux of models of i...

Ngày tải lên: 15/03/2014, 10:20

... understanding of the objectives stated in an ISA and the proper application of the requirements of an ISA. OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE CONDUCT OF AN AUDIT IN ACCORDANCE ... carry the same meanings throughout the ISAs. The Glossary of Terms relating to International Standards issued by the International Auditing and Assur...

Ngày tải lên: 29/03/2014, 18:20

... matches the increase in the in ation target. The 12-month rate reaches the new long-run level more quickly, and the 5-year yield jumps up to that level immediately. The easing of monetary policy in ... affected the behavior of the term structure of interest rates, and especially the size and dynamics of risk premiums. Therefore, Rudebusch and Wu (2...

Ngày tải lên: 17/02/2014, 03:20

... of the real interest rate. The left-hand panels of Figure 5 report the upward bias in the mean real rate and the downward bias in the variability of the real rate depending on the level of the ... nominal rate of interest of about four percentage points. However, increases in the Marshallian K in the second half of the 1990s, when the nomi...

Ngày tải lên: 22/03/2014, 23:20

... 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 ... a floating rate bond, where rates are set at the beginning of their application period and paid at the end, is always worth par at inception, irrespectively of...

Ngày tải lên: 15/03/2014, 07:20

... 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 ... that the dotted line is below the solid line). In Figure 1, the squares to the right of the kink on the dotted line mark equilibria in which the high-risk int...

Ngày tải lên: 15/03/2014, 14:20