interest rate determination and the structure of interest rates

... downward bias in the variability of the real rate depending on the level of the nominal equilibrium rate of interest The downward bias in the variability of the real rate accounts for the reduced ... above, the distortion of output and inflation distributions is driven by a distortion of the real interest rate The left-hand panels of Figure report the upward bias in the mean real rate and the ... credible the nominal interest rate will jump to the level of the foreign rate and the period of zero interest rates will end Here we allow for an important difference to our analysis of the proposals...

Ngày tải lên: 22/03/2014, 23:20

... and the questioning of the long-term viability of the Eurozone as the prospect of a breakup of the euro is increasingly viewed as possible.” While the potential fiscal and political causes of the ... most of the members of Euroland probably find that the interest rate decisions of the ECB are consistent with their national economic conditions most of the time, this may no longer be the case ... Finland, France, the Netherlands, the Czech Republic, and the UK are explored in more detail It should be noted that due to the concerns about the accuracy of the HP filter towards the end of...

Ngày tải lên: 29/03/2014, 13:20

Ngày tải lên: 15/02/2014, 17:20

... Another 3.1 Time The parser has an theoretical time bound, where is the number of words in the sentence to be parsed, is the number of nonterminal categories in the grammar and is the number of ... is the sum of the lengths of all rules in the grammar For trie grammars, it is the number of unique rule prefixes (including the LHS) in the grammar For minimized grammars, it is the number of ... shows the effect of the tree transforms on traversal counts The N O U NARIES settings are much more efficient than the others, however this efficiency comes at a price in terms of the utility of the...

Ngày tải lên: 17/03/2014, 07:20

... consists of the set of trees with whose root node is labelled X and whose ith child is a member of TBi 1149 The set of trees generated by the CFG is TS , where S is the start symbol, and the set of ... don’t fit either of the first two expansions) We extracted all of the proper names (i.e., phrases of category NNP and NNPS) in the Penn WSJ treebank and used them as the training corpora for the adaptor ... tree generated by such a CFG The relationship between the LDA model and the PCFG can be understood by studying the trees generated by the CFG In these trees the leftbranching spine of nodes labelled...

Ngày tải lên: 23/03/2014, 16:20

... d > 1, the digraph ∗ DG,M is of type T± and has properties 4− and 3+ Thus the (4− , 3+ )-entry of the table corresponding to the type T± is Y as well The proof of the assertion (1) of Theorem ... that the digraph DG,M is of type T± Since DG,M has properties 3− and 4+ (see the proof of Theorem 4.2), the (3− , 4+ )-entry of the table corresponding to the type T± is Y Furthermore, in the ... partitions of their vertex sets If D is digraph and τ a partition of V (D), then the vertex set of the quotient graph D/τ is given by the sets of τ , and, for vertices uτ and v τ of D/τ , (uτ...

Ngày tải lên: 07/08/2014, 21:21

... gauge the tempo of your voice to the rate of their breathing, if you blink at the same rate that they blink, if you nod at the same rate that they're nodding, if you rock at the same rate that they're ... was aware of the tone of my voice And indeed she was That came as no surprise However, she was less aware of the feeling of the rung of the chair and the support it offered to the heels of her feet ... speed of his voice, and then the other one speeded up, that brought me back up So one of the people would go (slowly) "and you'll feel very relaxed" and the other one would say (quickly) "and...

Ngày tải lên: 27/08/2016, 17:07

... case especially the shape of the (past and current) term structure of interest rates We call this variable the change in the systematic factor of the exposure to interest rate risk The variables ... strands of the literature of the banks’ interest rate risk (See Staikouras (2003) and Staikouras (2006) for a survey) The first one is about the determinants of the banks’ exposure to interest rate ... instance, the duration, and the weighted sum of the positions’ duration is a measure of the bank’s exposure to interest rate risk (See, for instance, Sierra and Yeager (2004)) The main problem of these...

Ngày tải lên: 16/02/2014, 06:20

... Risk and Term Structure of Interest Rates • The risk structure of interest rates looks at bonds with the same term to maturity and different interest rates • The term structure of interest rates ... n The n-period interest rate equals the average of the one-period interest rates expected to occur over the n-period life of the bond Expectations Theory • Explains why the term structure of interest ... short-term rates – Flat long-term rates are above short- and long-term rates are the same – Inverted long-term rates are below short-term rates Empirical Facts To Be Explained by the Term Structure Interest...

Ngày tải lên: 05/01/2014, 16:56

... current and future U.S and foreign short-term interest rates, and exchange rates in order to assess the effect of U.S monetary policy shocks on other variables in the SVARs Although the results for interest ... (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, and the variance of the innovation, ... various interest rate futures, and define their variable of interest as the deviation of the absolute value of exchange or interest rate returns in a given five-minute period on day j from the average...

Ngày tải lên: 06/03/2014, 14:20

... of deposits rates on credit rates While all deposit rates are potentially key determinants of the funding costs of loans, we did not study the adjustment of rates of savings accounts and on current ... market interest rates movements are not necessarily fully transmitted to market interest rates with longer maturity, the pass-through of official interest rates to retail bank interest rates can ... countries The response of bank rates to changes in official rates and/ or money market rates seems to be sometimes asymmetric (Borio and Fritz, 1995, and Mojon, 2000) or to depend on whether bank interest...

Ngày tải lên: 15/03/2014, 14:20

... strength of the relationship between the MPC’s own forecasts and the interest rate decisions of the MPC on the official Bank Rate The data used are the historical forecasts for British CPI inflation and ... of a reasonable significance level Despite variations of the responses across the conditional distribution of both the MPC interest rate decisions and the member interest rate average, these interest ... website They refer to the decision of the MPC about the level of the key interest rate, the Official Bank Rate, from 1997Q3 to 2009Q4.2 Though available on a monthly basis, I select the values of March,...

Ngày tải lên: 22/03/2014, 23:20

... of deposits rates on credit rates While all deposit rates are potentially key determinants of the funding costs of loans, we did not study the adjustment of rates of savings accounts and on current ... market interest rates movements are not necessarily fully transmitted to market interest rates with longer maturity, the pass-through of official interest rates to retail bank interest rates can ... countries The response of bank rates to changes in official rates and/ or money market rates seems to be sometimes asymmetric (Borio and Fritz, 1995, and Mojon, 2000) or to depend on whether bank interest...

Ngày tải lên: 22/03/2014, 23:20

... models In these models changes in the nominal interest rate influence the real interest rate due to the presence of price rigidities; the real interest rate determines the level of output; and the gap ... elasticity of money demand (in line with Andres et al (2006) and Ireland (2004)) Interest rate elasticity of money demand (in line with Andres et al (2006) and Ireland (2004)) Weighting parameter of ... achieve the interest rate prescribed by the optimal policy Technically, mt is determined by equation (16) conditional on the desired interest rate and the current values of real income and the price...

Ngày tải lên: 29/03/2014, 13:20

... rate c Demand and supply of currency fluctuations and chieuf together and inversely to interest rates d The interest rate depends on the demand and supply of currency Interest rates are : a The ... nominal interest rates after the removal rate of inflation d The interest rate is LIBOR, SIBOR, PIBOR Assume the other factors not change and not to mention the priorities and the separation of TT, ... upwards c Both a and b The effective rate means: a The interest rate stated on the economy contracts b The discount rate and rediscount c The nominal interest rate after the removal rate of inflation...

Ngày tải lên: 22/11/2017, 21:21

... Interest Rates The theory of the term structure of interest rates must explain the following facts: 1-14 Interest rates on bonds of different maturities move together over time When short-term interest ... corporate bonds, and therefore lowers the interest rate on Treasury bonds and raises the rate on corporate bonds, thereby increasing the spread between the interest rates on corporate versus Treasury ... Learning Objectives • Identify and explain three factors explaining the risk structure of interest rates • List and explain the three theories of why interest rates vary across maturities 1-3...

Ngày tải lên: 30/06/2018, 08:45

... endorsement of the divine and hereditary right of English kings to rule, his promotion of accumulated wealth in the hands of the few, and above all his disdain for common people and for the idea of government ... about the text, theorists insist that the warp and woof of constitutional law is still traceable to the written document and must be, given that the document and only the document counts as the ... Court Activism, the Public Interest, and the Making of Constitutional Law l a r ry yac k l e the university of chicago press chicago and london larry yackle is professor of law and the Basil Yanakakis...

Ngày tải lên: 18/02/2014, 11:20

... growth and interest rates Cook and Hahn (1989) test for evidence of the Fed’s influence on rates by examining the reaction of interest rates to Fed target changes They estimate the reaction of rates ... target the interest rate V.2 Federal Funds Rate Targeting in the 1970s The standard test of the Fed’s influence on interest rates is to regress rates on current and past money growth The regressions ... examined the relation between three- and six-month rates before and after the founding of the Fed The two rates moved together more closely in the later period, as predicted by the expectations theory...

Ngày tải lên: 15/03/2014, 01:20

... variable rate mortgage interest rates and examine the factors which affect the changing relationship between market rates and bank lending rates over the period 2003 - 2011 In the run up to the financial ... log of the interest rate, which is positive and highly significant The inclusion of the interest rate variable reverses the sign on the variable rate dummy variable, which is now negative and ... shows a cross-plot of the standard variable rate against the arrears rate for the 2009 to 2011 period A cross-plot of variable rates and arrears for the earlier period up to the end of 2008 would...

Ngày tải lên: 15/03/2014, 14:20