low interest rate and increasing housing price

LOW INTEREST RATES AND HIGH ASSET PRICES: AN INTERPRETATION IN TERMS OF CHANGING POPULAR MODELS doc

... Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Economic Models By Robert J Shiller October, 2007 Low Interest Rates and High Asset Prices: An ... inflation, and real interest rates, and how their thinking has impacted both asset prices and interest rates This will lead to a conclusion that there is only a very tenuous relation between asset prices ... long-term interest rates and growth rates, we use the present value of one-period interest rates and one-period growth rates of future dividends This is a nice model in that it has some interesting...

What is the neutral real interest rate, and how can we use it? doc

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... detail below Figure Decomposition of short-term nominal interest rates Observed nominal interest rate Ex ante real interest rate Neutral real interest rate (NRR) Fundamentals affecting saving and ... prior to the economic and interest rate to the measure of inflation that is used to convert nominal interest rates into real interest rates Figure also shows that real interest rates appeared unusually ... saving and investment curves of higher interest rates elsewhere For these countries, the supply of loanable funds decreases, causing their interest rates to rise As funds flow into high interest rate...

The Sensitivity of Bank Net Interest Margins and Profitability to Credit, Interest-Rate, and Term-Structure Shocks Across Bank Product Specializations potx

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... xi and xj are interest rates composed of y and r and stated this way in (7) for simplicity, and σij is the covariance among all interest- rate changes of assets, dy, and liabilities, dr To expand ... change in short-term interest rates (ST_DUMMY1) that controls for the change in the interest- rate environment Coefficients for interest- rate volatility and the short-term interest- rate dummy variables ... power, and funding structure, all of which likely affect net interest margin sensitivity to interest- rate and other shocks For instance, in the 1980s and early 1990s, credit card interest rates...

WORKING PAPER SERIES NO. 546 / NOVEMBER 2005: THE NATURAL REAL INTEREST RATE AND THE OUTPUT GAP IN THE EURO AREA A JOINT ESTIMATION doc

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... policy: Interest rates above the natural rate are expected to lower inflation, whereas rates below the natural rate are expected to raise inflation In practice, however, the natural real rate is ... natural real rate and a real rate gap (Woodford, 2003; Neiss and Nelson, 2003; Cour-Thimann et al, 2004) The natural real rate is related to structural factors and is the real interest rate that ... estimates from HP ﬁlter and Baxter and King’s bandpass ﬁlter), whereas ﬁgure and show data for consumer price inﬂation and our baseline estimate of the real interest rate gap respectively The...

Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S. Banks ppt

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... bank's interest rate and currency derivative contracts and the bank's interest rate and exchange rate risks Particularly noteworthy is the influence of currency derivatives on exchange rate betas ... of interest rate and exchange rate risk factors in stock return equations in the literature For interest rate risk, see, for instance, Stone (1974), Flannery and James (1984), and Sweeney and ... informationally efficient, changes in interest rates and exchange rates are likely to be largely unexpected In the second step, the interest rate and exchange rate betas generated in the first stage are...

Sustaining an Interest in Learning English and Increasing the Motivation to Learn English

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... the political, economic, and technological advances of the country); the available teaching aids and materials ; and the constant demand to prepare students for the standardized exams all play ... make them realize that English language learning can be interesting and fun using simple and useful tasks and activities that could be incorporated within any English language lesson The teachers ... test-taking strategies and techniques which could help the teachers manage the preparation of students for the standardized examinations A brief session of reviewing sample examination papers and strategies...

Tài liệu INTEREST RATE SWAPS: RISK AND REGULATION pdf

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...

Tài liệu Banks’ exposure to interest rate risk, their earnings from term transformation, and the dynamics of the term structure pptx

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... this standardized interest rate shock Currently, the standardized interest rate shock consists of two parts: a parallel upward shift of 130 basis points (bp) in the entire term structure and a ... intermediaries and interest rate risk: II Financial Markets, Institutions and Instruments 15 (5), 225–272 16 Svensson, L E O (1994) Estimating and interpreting forward interest rates: Sweden 1992 ... Transmission of nominal exchange rate changes to export prices and trade flows and implications for exchange rate policy 23 2009 2009 Do we really know that flexible exchange rates facilitate current...

Tài liệu Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Aﬀairs Federal Reserve Board, Washington, D.C.: Interest Rate Risk and Bank Equity Valuations doc

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... Moreover, interest rates on these special bank liabilities are often substantially below market rates; demand deposits, for example, yield no interest at all, obviously a very low and sticky rate. 19 ... Bank Stock Returns to Changes in Interest Rates (By Bank Characteristics and the Usage of Interest Rate Derivatives) Interest Rate Surprise Variable × Interest Rate Surprise Level Swaps 0.212 ... the notional amounts outstanding of interest rate swaps, futures, forwards, and the following interest rate options: over-the-counter (OTC) options written/purchased; and exchange-traded (ET)...

Tài liệu BANK LENDING AND INTEREST- RATE DERIVATIVES pdf

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... positions in interest- rate futures Finally, less than percent of the sample banks report having open positions in interest- rate swaps, interest- rate options, interest- rate forwards, and interest- rate ... use of derivative instruments, in particular interest- rate options, interest- rate futures, and interest- rate forwards, is associated with higher growth rates in C&I loans Robustness Check To check ... commercial and industrial loan portfolios More specifically, we find that aggregate use of derivative instruments, in particular interest- rate options, interestrate futures, and interest- rate forwards,...

Tài liệu Interest Rate Setting by the ECB, 1999–2006: Words and Deeds ∗ doc

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... growth and the outlook for price stability By contrast, multivariate reaction functions control for economic activity, past interest rates, and the rate of depreciation of the exchange rate and ... level of the interest rate and the change in the interest rate are signiﬁcant Rather than commenting on the regressions individually, in the interest of brevity we summarize the most interesting ... follows: repo rate, 2.9 percent; expected output growth, 2.9 percent; and change of the exchange rate, 1.5 percent For comparison, the average rate of inﬂation is 2.1 percent Vol No Interest Rate...

Tài liệu Incomplete Interest Rate Pass-Through and Optimal Monetary Policy∗ docx

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... imperfect interest rate pass-through, where retail lending rates are allowed to diﬀer across regions Following Christiano and Eichenbaum (1992), Christiano, Eichenbaum, and Evans (2005), and Ravenna and ... loan rate, the current policy rate, and the previous loan rate. 16 It states that the relative weights on the expected loan rate and the previous loan rate increase as the sluggishness of loan rates ... and Svensson (1999), Rudebusch (2002a, 2002b), Levin and Williams (2003), and Ellingsen and Săderstrăm (2004) See o o Sack and Wieland (2000) and Rudebusch (2006) for a survey of studies on interest...

Tài liệu Bank heterogeneity and interest rate setting: What lessons have we learned since Lehman Brothers? pdf

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... macroeconomic conditions (policy rates, real GDP, inflation, interest rate volatility), are captured by the constant α Following Albertazzi and Marchetti (2010) and Hale and Santos For a survey on ... will adjust their lending rates comparatively less and more slowly Banks may offer implicit interest rate insurance to risk-averse borrowers in the form of below-market rates during periods of ... with robust standard errors in brackets The symbols *, **, and *** represent significance levels of 10%, 5%, and 1% respectively 32 Fig Interest rates on overdrafts and interbank rate in Italy...

Anticipation and Surprises in Central Bank Interest Rate Policy ppt

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... official interest rates by the U.S Federal Reserve (for instance, Lombra and Torto, 1977; Thornton, 1986 and 1994; Cook and Hahn, 1988 and 1989; and Radecki and Reinhart, 1994), the Bank of England ... official rates January 1985 10 Percent Lombard rate January 1990 3-month interest rate Discount rate Figure Lombard, Discount, and Market Interest Rates January 1995 ANTICIPATION IN CENTRAL BANK INTEREST ... (1996), which concentrates more on the reaction of a wide variety of interest rates and exchange rates to overall changes in the Bundesbank’s Lombard, discount, and repurchase rates, and does not examine...

The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2010 doc

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... floating interest rate and the cap rate Interest rate floor OTC option that pays the difference between the floor rate and a floating interest rate Interest rate collar Combination of cap and floor Interest ... survey (FRAs, interest rate swaps, cross-currency swaps, and foreign exchange and interest rate options) averaged $659 billion, up percent See Chart Chart 2: Daily U.S FX and Interest Rate Derivatives ... contracts These other derivatives include forward rate agreements (FRAs), interest rate swaps, cross-currency rate swaps, and foreign exchange and interest rate options Turnover in these instruments...

Credit Default Swaps Calibration and Option Pricing with the SSRD Stochastic Intensity and Interest-Rate Model pot

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... intensity and interest rates In this section we consider a model with stochastic intensity and interest rates In this kind of models λ is a stochastic process but, conditional on the ﬁltration generated ... Brigo and Mercurio (2001, 2001b) We will often use the integrated process, that is t t β t Λ(t) = λs ds, and also Y β (t) = ys ds and Ψ(t, β) = ψ(s, β)ds We take the short interest- rate and the ... since the attractive feature of the model is the separate and semi-automatic calibration of the interest- rate part to interest- rate data and of the intensity part to credit market data Indeed,...

Bank of England Interest Rate Announcements and the Foreign Exchange Market ∗ doc

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... repo, rate and after that date in terms of the Bank rate We use the two names interchangeably Vol No Bank of England Interest Rate Announcements 213 analyses, we allow for a probabilistic and ... Sterling-Dollar Exchange Rate. ” Journal of Applied Econometrics (1): 1–13 Vol No Bank of England Interest Rate Announcements 247 Hakkio, C S., and D K Pearce 1985 “Exchange Rates and Discount Rate Changes.” ... and the UK monetary policy 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...

Interest Rate Options - A discussion of how investors can help control interest rate exposure and make the most of the interest rate market pdf

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... interest rates rise, prices on outstanding Treasury securities fall Whenever interest rates decline, prices on outstanding Treasury securities rise To see why prices must fall when interest rates ... expectations, monetary and fiscal policies and the value of the U.S dollar Other interest rates, including bank prime lending rates, home mortgage rates and corporate and municipal bond rates, tend to ... estimate of forward rates, option prices may move sharply when current spot rates are unchanged 13 Basic Strategies with Interest Rate Options Using options to implement interest rate strategies offers...

Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards pptx

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... 2008; Geanakoplos, 2009; and Borio and Zhu, 2008) In addition, current low short-term interest rates may signal low short-term interest rates in the future, thus further increasing loan risk-taking ... policy) and long-term interest rates on lending standards – and especially on loan risk-taking – depends on securitization activity and banking regulation supervision standards Second, Lown and Morgan ... We find that low short-term rates soften all standards (price and non -price terms) for all type of loans It is interesting to note that the softening of standards applied to average and riskier...

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