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Tài liệu Macro-Finance Models of Interest Rates and the Economy pdf

Tài liệu Macro-Finance Models of Interest Rates and the Economy pdf
Ngày tải lên : 17/02/2014, 03:20
... orthodoxy Therefore, it also seems likely that the recent financial and economic crisis the Great Panic and Recession of 2008 and 2009—will both rearrange the economic landscape and affect the focus ... solved and responses given Quarters of the term premium and the other variables of the model to economic shocks can be computed Figures and show the impulse response functions of the term premium and ... differences between the fitted nominal and real yields from the estimated joint AFNS model The small differences between the observed and model-implied BEI rates reflect the overall good fit of the model This...
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INTEREST RATES AND THE CONDUCT OF MONETARY POLICY pot

INTEREST RATES AND THE CONDUCT OF MONETARY POLICY pot
Ngày tải lên : 15/03/2014, 01:20
... 1933 they found it to be close to a random walk Mankiw et al also examined the relation between three- and six-month rates before and after the founding of the Fed The two rates moved together ... Cook and Hahn (1989)) The standard test of the expectations theory in these papers is to regress the change in the 3-month rate from period to period t + on the difference between the 6-month and ... results rests on the assumption tha.t movements in the funds rate target caused movements in other rates and not the reverse They defend their assumption as follows: The Desk changed the funds rate...
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Interest Rates and The Credit Crunch: New Formulas and Market Models potx

Interest Rates and The Credit Crunch: New Formulas and Market Models potx
Ngày tải lên : 15/03/2014, 07:20
... similar to those in the classic LMM The main difference is given by the drift rates that depend on the relevant forward rates for the discount curve, rather then the other FRA rates in the considered ... forward and swap measures Hints on the derivation of pricing formulas for caps and swaptions are then provided in the specific case of the Wu and Zhang (2006) model Section concludes the article These ... each other, either because related to the same time interval or because implied by other market quotes Rates related to the same time interval are, for instance, deposit and OIS rates with the...
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Zero Interest Rates and the Fall in U.S. Bank Lending pdf

Zero Interest Rates and the Fall in U.S. Bank Lending pdf
Ngày tải lên : 22/03/2014, 17:20
... exporters and importers and households increase Surprisingly, retail bank credit in the both the U.S and Europe is still declining The sharp weakening of the dollar against the euro and other important ... entity: the U.S Federal Reserve Bank And because the world is still largely on a dollar standard, what the Fed does strongly influences other central banks around the world The key point is that the ... businesses, especially small and medium sized, languished despite the gargantuan efforts of the Fed to expand the size of the banking system Why was it a mistake for the Fed to flood the system with so...
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Dual-track interest rates and the conduct of monetary policy in China potx

Dual-track interest rates and the conduct of monetary policy in China potx
Ngày tải lên : 29/03/2014, 13:20
... the RRR, which means the higher the RRR, the less the funding available from the banks and the higher the demand for funding in the nonregulated market, and thus, the higher the market rate Similarly, ... both the deposit-rate ceiling and the lending-rate floor are binding, the market rate in the deposit market is the ceiling rdb , and the market rate in the lending market is the floor rlb Therefore, ... from the outside, taking various forms such as treasury bonds, corporate bonds and commercial bills and notes On the other hand, in the money and bond market, funds not originate solely in the...
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Retained Earnings, Treasury Stock, and the Income Statement pptx

Retained Earnings, Treasury Stock, and the Income Statement pptx
Ngày tải lên : 19/06/2014, 18:20
... Similarities Between Stock Splits and Stock Dividends Both increase the number of shares of stock owned per stockholder Neither change the investor’s cost of the stock they own Neither type of income creates ... account balance • It changes the par value of the stock • It increases the number of shares of stock authorized, issued, and outstanding Objective Account for Treasury Stock Treasury Stock …are shares ... common shares outstanding • On May 1, the company purchased 15,000 treasury shares • On September 1, they issued 50,000 new shares • Income for the year was $135,000 • What are the earnings per...
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International Financial Market and Korean Economy Introduction to exchange rates and the foreign exchange market

International Financial Market and Korean Economy Introduction to exchange rates and the foreign exchange market
Ngày tải lên : 23/12/2015, 15:57
... the euro The euro rates begin in 1999 when the currency was introduced The yen, pound, and Canadian dollar all float against the U.S dollar The pound and yen float against the euro The Danish ... Rates The chart shows the U.S spot and three-month forward exchange rates for the euro in dollars per euro in the year 2008 The spot and forward rates closely track each other 3 The Market for Foreign ... figure shows exchange rates of three currencies against the U.S dollar and three against the euro The euro rates begin in 1999 when the currency was introduced The yen, pound, and Canadian dollar...
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Introduction to exchange rates and the Foreign Exchange Market

Introduction to exchange rates and the Foreign Exchange Market
Ngày tải lên : 13/01/2016, 21:16
... vary e Using the information from (d), what has happened to the value of the U.S dollar relative to the British pound and the euro? Note: the H.10 release quotes these exchange rates as U.S dollars ... Britain and 4.04% in the Netherlands The (one-year) forward euro–pound exchange rate is 1.575 euros per pound and the spot rate is 1.5 euros per pound Answer the following questions, using the exact ... Exchange Rates I: The Monetary Approach in the Long Run In the previous table: • PPP holds only when the real exchange rate qUS/F ϭ This implies that the baskets in the home country and the United...
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Tài liệu Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis docx

Tài liệu Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis docx
Ngày tải lên : 15/02/2014, 05:20
... transmission over the long term, the coefficients θ and δ measure the shortterm dynamic, and u are the error terms The term in the parentheses is the cointegration vector and represents the long-term ... Germany, Austria, Finland, France and the Netherlands rates are relatively more stable, and dispersion increased in the context of the sovereign debt crisis The significant volatility observed in several ... versus the German Bund (euro area) and US Treasury Bill (US) for the euro area and the US For example, the risk and liquidity premia demanded of US financial corporations relative to the Treasury...
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Tài liệu The Benefits of Bank Deposit Rate Ceilings: New Evidence on Bank Rates and Risk in the 1920s (p. 2) docx

Tài liệu The Benefits of Bank Deposit Rate Ceilings: New Evidence on Bank Rates and Risk in the 1920s (p. 2) docx
Ngày tải lên : 15/02/2014, 05:20
... Deposit Rates and Risk The critical variables for this study are deposit rates But for which deposits are the rates on these reports? The old table of rates paid identifies only the amount found these ... of the U.S government to earning assets • Interest received to earning assets The presumption was and still is—that the higher these ratios, the lower the quality of the bank's assets and so the ... liquid assets are the sum of the first four items under assets in the report of condition: cash on hand, funds due from the Federal Reserve Bank, exchanges and demand cash items, and other items in...
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Tài liệu Bank mergers and the dynamics of deposit interest rates doc

Tài liệu Bank mergers and the dynamics of deposit interest rates doc
Ngày tải lên : 17/02/2014, 03:20
... +1 ], (12) 0, otherwise, and where x is the value of the explanatory variable (the time distance to the merger, in our case) The values xi denote the “knots” of the spline, and the coefficients, ... These authors extend the time horizon of the analysis to six years after the merger, and their results imply that in the long run, merging banks offer higher deposit rates than their rivals The ... opposite, the “structureconduct-performance hypothesis” The “efficiency hypothesis” states that the merged bank might reach economies of scale and other efficiency gains and transfer these to the customers...
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Tài liệu Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945 docx

Tài liệu Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945 docx
Ngày tải lên : 20/02/2014, 19:20
... 0.01% Source: Piketty and Saez Note: The vertical axis is the share of total income The observed relationship between the top tax rates and the income share of the top 0.1% and the top 0.1% are displayed ... indicating that the association between GDP growth and the top tax rates is not strong.22 Furthermore, the observed positive association between real GDP growth and the top tax rates shown in the figure ... taxes but also by the quantity and quality of the labor force The indicators of the quantity and quality of the labor force include the change in the proportion of the population in their prime-age...
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INTEREST RATES AND EXCHANGE RATES - WHAT IS THE RELATIONSHIP? pptx

INTEREST RATES AND EXCHANGE RATES - WHAT IS THE RELATIONSHIP? pptx
Ngày tải lên : 06/03/2014, 02:21
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THE RELATION BETWEEN TREASURY YIELDS AND CORPORATE BOND YIELD SPREADS pot

THE RELATION BETWEEN TREASURY YIELDS AND CORPORATE BOND YIELD SPREADS pot
Ngày tải lên : 06/03/2014, 04:20
... changes in the level and the slope I measure the level of the Treasury term structure with the three-month Treasury bill yield, denoted YT,104, t , and measure the slope with the spread between the ... spreads and the slope of the Treasury term structure is weaker, and the thirty-year yield no longer summarizes the relevant information in the term structure The hypothesis that the coefficient on the ... threemonth Treasury yield ~3 mo T-bill yield! and the slope of the Treasury term structure ~Treasury slope!, measured by the difference between the thirty-year constant-maturity Treasury yield and the...
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The financial crisis and the pricing of interest rates in the Irish mortgage market: 2003-2011 ppt

The financial crisis and the pricing of interest rates in the Irish mortgage market: 2003-2011 ppt
Ngày tải lên : 15/03/2014, 14:20
... in the relationship between policy rates and the variable rates offered by Irish financial institutions Up to 2008, standard variable rates in the Irish mortgage market closely followed policy rates, ... 2008 and that changes in money market and deposit rates are an important determinant for standard variable rates In the post 2008 period, the breakdown in pass-through between lending rates and ... Figure the average tracker and variable rate for the Irish mortgage market is plotted in the left-hand side panel The average difference between variable rates across the Irish market, shown in the...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES docx

WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES docx
Ngày tải lên : 15/03/2014, 14:20
... (2005), Heinemann and Schüller (2002), Sander and Kleimeier (2004)) We then test the stability of the baseline linear ECM before and after the introduction of the euro and assess whether more general ... what the latter should be for the different retail markets that we cover.1 We then test the stability of the baseline linear ECM before and after the introduction of the euro and assess whether ... France, Greece, Ireland, Italy, Luxembourg, the Netherlands and Portugal) We also estimate the model for the euro area as a whole in each of the five markets We first argue that the dynamics of each...
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Plain English Guide to: Business Rates Retention and the 2013-14 Local Government Finance Settlement pot

Plain English Guide to: Business Rates Retention and the 2013-14 Local Government Finance Settlement pot
Ngày tải lên : 15/03/2014, 20:20
... warehouses and factories - pay a tax to their local council (called business rates) Although the local council collects this tax, it doesn’t keep the money It goes into a Treasury pot and is then redistributed ... delivery and make the savings needed for the future This is the first financial settlement that reflects the entirely new financial relationship between central and local government We have ended the ... dependence on central government and gives them the ability to invest in and support the needs of their local communities – without being told what to Supporting the most vulnerable communities...
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Memorandum of Understanding between HM Treasury, the Bank of England and the Financial Services Authority pptx

Memorandum of Understanding between HM Treasury, the Bank of England and the Financial Services Authority pptx
Ngày tải lên : 22/03/2014, 21:20
... government The Treasury has no operational responsibility for the activities of the FSA and the Bank and shall not be involved in them But there are a variety of circumstances where the FSA and the ... considered, the Standing Committee meets at principals level, comprising the Chancellor of the Exchequer, the Governor of the Bank and the Chairman of the FSA (or senior alternates) The Bank and the ... provide their separate assessments to the Treasury, together with their views on the options available to the Chancellor Standing Committee may then discuss the appropriate use of measures and ensure...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES pptx

WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES pptx
Ngày tải lên : 22/03/2014, 23:20
... (2005), Heinemann and Schüller (2002), Sander and Kleimeier (2004)) We then test the stability of the baseline linear ECM before and after the introduction of the euro and assess whether more general ... what the latter should be for the different retail markets that we cover.1 We then test the stability of the baseline linear ECM before and after the introduction of the euro and assess whether ... France, Greece, Ireland, Italy, Luxembourg, the Netherlands and Portugal) We also estimate the model for the euro area as a whole in each of the five markets We first argue that the dynamics of each...
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WORKING PAPER SERIES NO. 548 / NOVEMBER 2005: THE LINK BETWEEN INTEREST RATES AND EXCHANGE RATES DO CONTRACTIONARY DEPRECIATIONS MAKE A DIFFERENCE? doc

WORKING PAPER SERIES NO. 548 / NOVEMBER 2005: THE LINK BETWEEN INTEREST RATES AND EXCHANGE RATES DO CONTRACTIONARY DEPRECIATIONS MAKE A DIFFERENCE? doc
Ngày tải lên : 22/03/2014, 23:20
... empirically establish whether and by how much these non-fundamental phenomena are relevant in the determination of interest rates and exchange rates Moreover, the theory could investigate the scope of irrational ... years, there has been a special interest in the link between exchange rates and interest rates in both advanced and developing countries This is understandable, given the important role these ... consideration the speci…cities of these economies regarding the behaviour of interest rates and exchange rates Authors such as Calvo (2001), Calvo and Reinhart (2001 and 2002) and Eichengreen...
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