Fiscal Dominance and the Long-Term Interest Rate: FINANCIAL MARKETS GROUP SPECIAL PAPER SERIES doc

... 1359-9151-199 Fiscal Dominance and the Long-Term Interest Rate By Philip Turner SPECIAL PAPER 199 FINANCIAL MARKETS GROUP SPECIAL PAPER SERIES May 2011 ... rose. This rise in the volatility of interest rates served to further reduce the demand for bonds and thus magnify the rise in the interest rate. Because the...

Ngày tải lên: 29/03/2014, 13:20

... upon at the time of the conclusion of the contract (the short leg), and a reverse exchange of the same two currencies at a date further in the future at a rate (generally different from the rate ... strike and the other sold by the borrower at a higher strike to, in effect, offset part of the premium of the first cap. 2) A collar on a swap created with two swapti...

Ngày tải lên: 06/03/2014, 02:21

Ngày tải lên: 07/03/2014, 02:20

... 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 ... BANK WORKING PAPER SERIES ECB EZB EKT BCE EKP WORKING PAPER NO. 218 THE ZERO -INTEREST- RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN...

Ngày tải lên: 22/03/2014, 23:20

... 0. Then (3) 20 In period 1, the central bank acts as a Stackelberg leader in setting r 1 and then the private sector reacts, setting π 1 and the long-term interest rate. Then, in period 2, the ... banks the Reserve Bank of New Zealand, the Bank of Norway, the Central Bank of Iceland, and the Swedish Riksbank—now announce their expected interest rate paths, in addi-...

Ngày tải lên: 17/02/2014, 03:20

... this paper, we analyzed the impact of one such policy, the purchases of longer-term assets, by the Federal Reserve and the Bank of England on long-term interest rate, exchange rates, and commodity ... the overall GSCI index) and industrial metals since the beginning of 2004. The prices of energy and industrial metals rose considerable between the mid-2000s and...

Ngày tải lên: 17/02/2014, 03:20

... capitalist and worker, in the locus of the factory, was the hallmark of industrial society, the clash between the professional and the populace, in the organization and in the community, is the hallmark ... FRAMEWORK Professions and the public interest Do professions subordinate their own self-interests to the public interest? In Professions and the Publi...

Ngày tải lên: 06/03/2014, 09:20

... GDP), while the other half represents largely the loosening of the fi scal stance and to a minor extent the increase in interest expenditures. The fi scal stance refl ects the impact of the fi scal ... OccasiOnal PaPer series nO 109 / aPril 2010 eUrO area Fiscal POlicies anD THe crisis Editor Ad van Riet 19 ECB Occasional Paper No 109 April 2010 2 EURO AREA...

Ngày tải lên: 06/03/2014, 09:22

... where   is the nominal short-run (90-day paper) interest rate,    the neutral nominal interest rate,   stands for the rate of inflation,    is the inflation target of the central ... gap, and thus NRIR, and investigating whether their effect is temporary or permanent (see Tovar and others, 2012 for a discussion of the duration of the effects of MaPPs...

Ngày tải lên: 15/03/2014, 14:20

... market is set up. There are two types of agents in the market, the central bank on one hand and commercial banks on the other hand. The key ingredients of the model are the 7 The very short-term ... the expected rate and therefore also the current interbank rate, but the amount of the increase depends on both the size of underbidding and the slope of the dema...

Ngày tải lên: 22/03/2014, 23:20