... downward bias in the variability ofthe real rate depending on the level ofthe nominal equilibrium rateofinterestThe downward bias in the variability ofthe real rate accounts for the reduced ... above, the distortion of output and inflation distributions is driven by a distortion ofthe real interestrateThe left-hand panels of Figure report the upward bias in the mean real rateandthe ... credible the nominal interestrate will jump to the level ofthe foreign rateandthe period of zero interestrates will end Here we allow for an important difference to our analysis ofthe proposals...
... andthe questioning ofthe long-term viability ofthe Eurozone as the prospect of a breakup ofthe euro is increasingly viewed as possible.” While the potential fiscal and political causes ofthe ... most ofthe members of Euroland probably find that theinterestrate decisions ofthe ECB are consistent with their national economic conditions most ofthe time, this may no longer be the case ... Finland, France, the Netherlands, the Czech Republic, andthe UK are explored in more detail It should be noted that due to the concerns about the accuracy ofthe HP filter towards the end of...
... 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 ofthe 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 ofthe 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 ofthe utility of the...
... consists ofthe 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, andthe set of ... don’t fit either ofthe first two expansions) We extracted all ofthe 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 andthe PCFG can be understood by studying the trees generated by the CFG In these trees the leftbranching spine of nodes labelled...
... d > 1, the digraph ∗ DG,M is of type T± and has properties 4− and 3+ Thus the (4− , 3+ )-entry ofthe table corresponding to the type T± is Y as well The proof ofthe 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 ofthe 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 ofthe quotient graph D/τ is given by the sets of τ , and, for vertices uτ and v τ of D/τ , (uτ...
... gauge the tempo of your voice to therateof 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 ofthe tone of my voice And indeed she was That came as no surprise However, she was less aware ofthe feeling ofthe rung ofthe chair andthe 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 ofthe people would go (slowly) "and you'll feel very relaxed" andthe other one would say (quickly) "and...
... case especially the shape ofthe (past and current) term structureofinterestrates We call this variable the change in the systematic factor ofthe exposure to interestrate risk The variables ... strands ofthe literature ofthe banks’ interestrate risk (See Staikouras (2003) and Staikouras (2006) for a survey) The first one is about the determinants ofthe banks’ exposure to interestrate ... instance, the duration, andthe weighted sum ofthe positions’ duration is a measure ofthe bank’s exposure to interestrate risk (See, for instance, Sierra and Yeager (2004)) The main problem of these...
... Risk and Term StructureofInterestRates • The risk structureofinterestrates looks at bonds with the same term to maturity and different interestrates • The term structureofinterestrates ... n The n-period interestrate equals the average ofthe one-period interestrates expected to occur over the n-period life ofthe bond Expectations Theory • Explains why the term structureofinterest ... 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...
... 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 ofthe exchange rate at time t The mean ofthe exchange rate returns process, μ, the autocorrelation coefficient, ρ, andthe variance ofthe innovation, ... various interestrate futures, and define their variable ofinterest as the deviation ofthe absolute value of exchange or interestrate returns in a given five-minute period on day j from the average...
... of deposits rates on credit rates While all deposit rates are potentially key determinants ofthe funding costs of loans, we did not study the adjustment ofratesof savings accounts and on current ... market interestrates movements are not necessarily fully transmitted to market interestrates with longer maturity, the pass-through of official interestrates to retail bank interestrates 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...
... strength ofthe relationship between the MPC’s own forecasts andtheinterestrate decisions ofthe MPC on the official Bank RateThe data used are the historical forecasts for British CPI inflation and ... of a reasonable significance level Despite variations ofthe responses across the conditional distribution of both the MPC interestrate decisions andthe member interestrate average, these interest ... website They refer to the decision ofthe MPC about the level ofthe key interest rate, the Official Bank Rate, from 1997Q3 to 2009Q4.2 Though available on a monthly basis, I select the values of March,...
... of deposits rates on credit rates While all deposit rates are potentially key determinants ofthe funding costs of loans, we did not study the adjustment ofratesof savings accounts and on current ... market interestrates movements are not necessarily fully transmitted to market interestrates with longer maturity, the pass-through of official interestrates to retail bank interestrates 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...
... models In these models changes in the nominal interestrate influence the real interestrate due to the presence of price rigidities; the real interestrate determines the level of output; andthe gap ... elasticity of money demand (in line with Andres et al (2006) and Ireland (2004)) Interestrate elasticity of money demand (in line with Andres et al (2006) and Ireland (2004)) Weighting parameter of ... achieve theinterestrate prescribed by the optimal policy Technically, mt is determined by equation (16) conditional on the desired interestrateandthe current values of real income andthe price...
... rate c Demand and supply of currency fluctuations and chieuf together and inversely to interestrates d Theinterestrate depends on the demand and supply of currency Interestrates are : a The ... nominal interestrates after the removal rateof inflation d Theinterestrate is LIBOR, SIBOR, PIBOR Assume the other factors not change and not to mention the priorities andthe separation of TT, ... upwards c Both a and b The effective rate means: a Theinterestrate stated on the economy contracts b The discount rateand rediscount c The nominal interestrate after the removal rateof inflation...
... InterestRatesThe theory ofthe term structureofinterestrates must explain the following facts: 1-14 Interestrates on bonds of different maturities move together over time When short-term interest ... corporate bonds, and therefore lowers theinterestrate on Treasury bonds and raises therate on corporate bonds, thereby increasing the spread between theinterestrates on corporate versus Treasury ... Learning Objectives • Identify and explain three factors explaining the risk structureofinterestrates • List and explain the three theories of why interestrates vary across maturities 1-3...
... The “efficiency hypothesis” states that the merged bank might reach economies of scale and other efficiency gains and transfer these to the customers in the form of more beneficial interestrates ... Focarelli and Panetta (2003) Focarelli and Panetta (2003) examine the level of deposit rates relative to the reference rate rather than just the change of deposit rates1 2 Focarelli and Panetta ... types of deposit rates A major contribution of our analysis is that we demonstrate the importance of deposit rate dynamics A more comprehensive analysis ofthe time series structureof deposit rates...
... endorsement ofthe divine and hereditary right of English kings to rule, his promotion of accumulated wealth in the hands ofthe 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, andthe 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 andthe Basil Yanakakis...
... growth andinterestrates Cook and Hahn (1989) test for evidence ofthe Fed’s influence on rates by examining the reaction ofinterestrates to Fed target changes They estimate the reaction ofrates ... target theinterestrate V.2 Federal Funds Rate Targeting in the 1970s The standard test ofthe Fed’s influence on interestrates 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 ofthe Fed The two rates moved together more closely in the later period, as predicted by the expectations theory...
... variable rate mortgage interestratesand examine the factors which affect the changing relationship between market ratesand bank lending rates over the period 2003 - 2011 In the run up to the financial ... log oftheinterest rate, which is positive and highly significant The inclusion oftheinterestrate variable reverses the sign on the variable rate dummy variable, which is now negative and ... shows a cross-plot ofthe standard variable rate against the arrears rate for the 2009 to 2011 period A cross-plot of variable ratesand arrears for the earlier period up to the end of 2008 would...