real vs monetary analysis and the determination of the interest rate

... (1982), and Cambell and Mankiw (1987) assume the stationarity of the rst log difference of the real GDP and emphasize on the usage of ARIMA models in an attempt to estimate the long-term trend of ... USA rate throughout the states varies and the state level growth rates are different from the national growth rate For example, during the 1987 and the 1988, the U.S was facing positive growth rate ... as the U.S on aggregate exhibited distinct downturn of the real estate cycle between the third quarter of 2006 and the rst quarter of 2007 Finally we found that the state level economic and real...

Ngày tải lên: 03/06/2014, 02:10

... computation of the present value is, again, the long-term interest rate The lower the level of long-term interest rates, the higher the impact of a change in the long-term rate on the underlying value of ... Italy and the Netherlands), while CK and BF concentrated on short-term credit to firms These retail bank rates are all published by the central banks of the six countries mentioned above Most of the ... reflect the maximisation of banks income when their customers are confronted with the costs of switching banks, which reduce the interest rate elasticity of the credit demand curve and the deposit...

Ngày tải lên: 15/03/2014, 14:20

... 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 rest of the paper ... by the interest rate or exchange rate policy shocks The interest rate shocks include the October 1979 (the change of monetary policy from interest rate targeting to bank reserve targeting) or the ... Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S Banks November 1996 Abstract: This paper estimates the interest rate and exchange rate risk betas of fifty-nine large...

Ngày tải lên: 29/03/2014, 13:20

... Monthly series of interest rate data, from two sources:  The fixed mortgage rates of maturities of 1-5 years – from a major commercial bank  The rest of the data: bond rates, base lending rate, floating ... Prior to the introduction of the OCR in 1999, all long-term degree of pass-through from the market cash rate to retail rates was incomplete  After the introduction of the OCR, the degree of passthrough ... from the overnight interbank rate to retail rates is incomplete for all series, except for the floating and fixed 1-year mortgage rates at the 5% level  Official and money market interest rates...

Ngày tải lên: 14/07/2015, 08:34

... information on the use of, and threats to, the Malaysian coastal and marine resources off the Straits of Malacca and the adjacent waters of the Andaman Sea and the Indian Ocean In the process, an attempt ... TAI The Straits of Singapore The Straits of Singapore The Straits of Malacca The Straits of Singapore The Straits of Singapore The Straits of Malacca The South China Sea The South China Sea The ... is in the Andaman Sea at the northern tip of the Straits, while the shallowest is at the One Fathom Bank in the south The current predominantly flows in a northwest direction with rates of to...

Ngày tải lên: 06/03/2014, 15:21

... sub-sector Analysis of the structure of the commodity system usually focuses on the characteristics related to the Chapter number and size of firms in relation to the size of the market, the presence ... estimates of the characteristics of interest Precision relates to the consistency of estimates if the sampling was carried out a number of times In general, the larger the sample, the more precise the ... opportunities and the returns they can achieve G the access of the poor to social, human, natural, financial and physical capital and their ability to put these assets to productive use G the changing...

Ngày tải lên: 07/03/2014, 00:20

... procyclical in its operations. Essentially this is because the value of available collateral reflects  three components; the market value of the collateral, the haircut imposed on the borrower and the velocity  of turnover  (rehypothecation )of the ...  This is not to deny successful efforts by a number of countries, including China, to expand markets in other  EME’s. Of course this still leaves the broader question of the robustness of the totality of those markets  in the event of a serious downturn in the AME’s.   ... cause for concern.  For simplicity, suppose  that the natural rate of interest (real)  for the global  economy as a whole can be proxied by an ex post measure; the potential rate of growth of the global economy, as estimated by the IMF. Reflecting globalization and technology transfer, this ...

Ngày tải lên: 22/03/2014, 23:20

... due to the central place of the German policy in the European Monetary System before the launch of the ECB and because the German bond rates remain the benchmark for the long-term interest rates ... Das and Foresi (1998) show the presence of a stochastic central tendency in the dynamics of the short and long term interest rates which explains that the level of the short rate is not the only ... agents about the structure of the economy and the policymaker preferences Hence, these two features increase the sensitivity of in‡ ation expectations and of the term structure of interest rates to...

Ngày tải lên: 22/03/2014, 23:20

... Furthermore, the analysis of the calculated structures revealed a short distances between NH of Leu7 and the side chain carboxyl group of the Asp6 residue (< 0.28 nm), and NH of Leu7 residue and ... Characterization of the secondary structure of these two ligands of ODN receptors should provide useful information for the design of potent, stable and selective agonists and antagonists of these receptors ... ligands [13,14,27] The Ala-scan of OP has revealed that the side chain of each residue is required for the full activity of the peptide [12] These data led us to synthesize cyclic analogs of...

Ngày tải lên: 24/03/2014, 04:21

... Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without...

Ngày tải lên: 03/06/2014, 00:55

... I and II) and late stage (Ann-Arbor stages III and IV) Combining the studies, there were 439 patients, and over 98% of these were late-stage Treatment efficacy The main characteristics of the ... in tables and The first analysis, in which R-CVP and R-CHOP are compared as frontline chemotherapeutic agents, included the R-CHOP study of Hiddemann et al [5] and the R-CVP study of Marcus et ... outweigh these factors It is therefore important to assess the relative efficacy of the two treatments Our first analysis reviewed the studies of frontline treatment of patients with FL using either...

Ngày tải lên: 10/08/2014, 22:20

... β-tubulin, PP2A, and SAND, with Ct values of 26 or higher The calculated coefficient of variance of the Ct values gives an indication of the expression stability of a particular gene β-tubulin and cyclophilin ... coefficient of variance; 2) analysis using the geNorm software [16]; and 3) deviations from the Ct mean [17] Lastly, we demonstrate the effects of using one or more reference genes on the relative ... research and development initiative The authors also wish to thank the Province of British Columbia and the BC wine industry for their continued support of research activities in the University of...

Ngày tải lên: 12/08/2014, 05:20

... 1  The ECOFIN is the Economic and Financial Affairs Council, one of the oldest of the EU It is composed of the Finance Ministers of the 27 Member States and of their Budgets Authorities when the ... Appendix: Ideology and Economics in the Failure of Lehman Brothers 105 Chapter The Economics of Monetary Union: The Theory of Optimum Currency Areas Abstract  In the 1960s, the theory of Optimum Currency ... understanding of the problems faced by the Eurozone The last two chapters of the book turn towards an analysis of the crisis of the euro and how to get out of this crisis Spain is used as the prototype...

Ngày tải lên: 01/11/2014, 18:40

... from the tyranny of the immediate locale Even in the mundane worlds of work and leisure, never mind the realm of personal relationships, in the economy of the future the real and the human will ... caught up in the frenzy of the late 1990s stock-market bubble and thereby coming under the spell of an illusion of wealth, right under their noses the real sources of wealth were gathering their strength ... for The Times and then for the Sunday Telegraph, I was full of foreboding about the stock market and what major weakness in it would to the American economy and thence to the world Then the stock...

Ngày tải lên: 04/11/2014, 05:17

Ngày tải lên: 13/11/2014, 09:37

... histological analysis in gliomas and structure determination of a hypothetical protein Xu Ying A THESIS SUBMITTED FOR THE DEGREE OF MASTER OF SCIENCE CHEMISTRY DEPARTMENT NATIONAL UNIVERSITY OF SINGAPORE ... is, moreover, one of the tissues of the body that exhibits very high levels of metabolism Therefore physiologic and biochemical information concerning the kinetics and metabolism of substances as ... absence of NAA and the presence of Lactate or lipids An excellent correlation between regional neuron loss and regional NAA decrease was found Furthermore, the disappearance of the metabolites of...

Ngày tải lên: 10/11/2015, 11:35

... The mean sizes of P and B-frames of each GOP given the size of the corresponding I-frame in (a) the single-layer Star Wars IV and (b) the base layer of the spatially scalable The Silence of the ... 62 (a) The ACF of {εI (n)} and that of {φI (n)} in Star Wars IV (b) The ACF of {εP (n)} and that of {φP (n)} in The Silence of 1 the Lambs 125 63 The ACF of {A3 ... Histograms of (a) the actual detailed coefficients; (b) the Gaussian model; (c) the GGD model; and (d) the mixture-Laplacian model 113 53 The ACF of the actual I-frame sizes and that of the synthetic traffic...

Ngày tải lên: 06/11/2012, 10:45

... ago, economists of the left and right agreed that the improvement in the efficiency of resource allocation and the increase in the supply of capital were at the heart of development They differed ... embrace—presumably the banking system, but what else? What would be the standards? And who has the competence? Certainly not the IMF! The second criticism of the analogy between the IMF and the Fed as the lender ... accountable to the government, and the government—at least in democracies—is accountable to the people Yet, because of the length of the chain of accountability and the weaknesses in each link of that...

Ngày tải lên: 16/02/2014, 11:20

... the rigidity of the deposit rates and for a range of merger, bank and local market features An innovation of our work is the introduction of an econometric approach of estimating the change of ... 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 ... 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 interest rates...

Ngày tải lên: 17/02/2014, 03:20

... greater number of degrees of freedom The exclusion of the interbank rate from the model can be adopted because of the high velocity of adjustment of the interbank rate to the policy rate in the 1990s ... lending rates in the case of monetary tightening In the second period, the only asymmetry is detected in the response of the lending rate to a deviation in the long run relationship between the interest ... both the short-term lending 20 rate and the interbank rate and the monetary policy indicator is largely accepted (βL=βB=1).11 On the contrary, given the presence of the reserve coefficient, the...

Ngày tải lên: 17/02/2014, 03:20