TRANSACTION COSTS, NONFUNDAMENTAL UNCERTAINTY, AND THE EXCHANGE RATE DISCONNECT

... study therefore focuses on the impact of forecast uncertainty on the strength of the relationship between the MPC’s own forecasts and the interest rate decisions of the MPC on the official Bank Rate ... assess the Bank of England Monetary Policy Committee decisions about the Official Bank Rate under forecast uncertainty, I estimate simple fo...

Ngày tải lên: 22/03/2014, 23:20

... I E S WORKING PAPER NO 218 THE ZERO-INTEREST -RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN * BY GÜNTER COENEN AND VOLKER WIELAND ** MARCH 2003 * Prepared for the “Conference ... Bank working paper series 47 ECB • Working Paper No 218 • March 2003 Abstract In this paper we study the role of the excha...

Ngày tải lên: 22/03/2014, 23:20

... nature of these risks The results of this study provide the first formal estimates of the joint effect of derivative exposures on the systematic interest rate and exchange rate risks of U S banks The ... Foundation Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S Banks November 1996 Abstract: This paper esti...

Ngày tải lên: 29/03/2014, 13:20

... exporter’s profitability, it can affect the probability of loan default and, correspondingly, the value of the loan and the profitability of the bank 15 The estimates of exchange rate exposure provided ... through their influence on the extent of foreign competition, the demand for loans, and other aspects of banking conditions The purpose of this...

Ngày tải lên: 29/03/2014, 13:20

... Customized and unique (Cá nhân) Public Less liquid (Ít linh động) Liquid (Linh động) Default risk (Rủi ro hủy hợp đồng) No default risk Legal risk (Rủi ro pháp lý) No legal risk No margin account ... sở (ngoại tệ) @ X Call St>X Lỗ vốn Hòa vốn (at the money/deep) Hòa vốn St

Ngày tải lên: 09/05/2015, 21:15

... exchange rate The expression for PPP can then be written (in log-form) as vt = pt − pt* , (1) where pt is the log of the domestic price, pt* is the log of the foreign price, and vt is the log of the ... proxy for the annual interest rate, we therefore need to multiply the quarterly interest rate by four Hence, if we had used an annual interest rate,...

Ngày tải lên: 15/02/2014, 05:20

... tế Với giả định giản lược này, mô hình nói Trang The Economics of Exchange Rate – Mark P Taylor mối liên hệ tỷ giá cân (equibilibrium exchange rate ) với số biến vĩ mô quan trọng khác GDP, lạm ... gia Trang The Economics of Exchange Rate – Mark P Taylor thị trường họ kỳ vọng mức vào hội kinh doanh Taylor trình bày mở rộng phân tích thêm hai quy luật mà thị trường ngoại...

Ngày tải lên: 12/03/2014, 16:05

... on the share of variable interest rate contracts, the frequency of the interest rate variations defined in the contract and the correlation of the MMR with the reference interest rate used in the ... demand system for euro area M3 by C Brand and N Cassola, November 2000 40 Financial structure and the interest rate channel of ECB monet...

Ngày tải lên: 15/03/2014, 14:20

... the unemployment rate is forecast to 5.9% by 2017 Congressional Research Service Economic Growth and the Unemployment Rate Contents The Relationship Between Growth and Unemployment The ... Growth and the Unemployment Rate states that real GDP growth about equal to the rate of potential output growth usually is required to maintain a stable unempl...

Ngày tải lên: 23/03/2014, 20:20

Ngày tải lên: 18/02/2014, 11:20

... process, see Bean (2001) and www.bankofengland.co.uk/monetarypolicy/ framework.htm These are published at www.bankofengland.co.uk Vol No Bank of England Interest Rate Announcements 217 Figure ... (1) where Δet is the change in the logarithm of the exchange rate at time t The mean of the exchange rate returns process, μ, the autocorrelation coefficient, ρ,...

Ngày tải lên: 06/03/2014, 14:20

Ngày tải lên: 07/03/2014, 02:20

... Estimation of bank stock returns 1001 of factor risk premia For the sample of banks used in this study the above analysis establishes the significance of the sensitivity of bank stock returns to the ... multifactor index model to examine empirically the joint sensitivity of the rates of return of common stocks of large US banking institution...

Ngày tải lên: 22/03/2014, 17:20

... [27,28] The superior explanatory power of our transformations may be attributable to a better correspondence between the coverage of the SF-36 and the AQoL than between the SF-36 and other preference-based ... applications, transformations from the SF-36 and Barthel to the AQoL provided sufficient predictive power to suggest that stroke-relevant outcomes can...

Ngày tải lên: 18/06/2014, 18:20

... contributions of the thesis The thesis The relation between exchange rate and the balance of payments – The theory and reality in Vietnam contributes the following new points: - Continue clarifying theoretical ... overview of the relation between exchange rate and the balance of payments 1.1 Exchange rate and exchange ra...

Ngày tải lên: 23/08/2014, 14:15