the yield curve and future interest rates

... (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 ... shift in the yield curve is, on average, way higher than the one following an increase in only the short end of the yield curve. 9 Overall, the data confirm a significant role of the MRL in the price ... credit and mortgages), mrst is the short-term market interest rates and mrlt the long-term market interest- rate ∆ is the first difference operator Equation [2] relates the first differences of the...

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 ... shift in the yield curve is, on average, way higher than the one following an increase in only the short end of the yield curve. 9 Overall, the data confirm a significant role of the MRL in the price ... credit and mortgages), mrst is the short-term market interest rates and mrlt the long-term market interest- rate ∆ is the first difference operator Equation [2] relates the first differences of the...

Ngày tải lên: 22/03/2014, 23:20

... interbank interest rates are one of the main drivers of the rates charged by banks on loans The interest rates set by Central Bank affect the interbank rates, which are the basis of the process ... has affected the interest rate transmission mechanism for the Eurozone between market rates and bank interest rates and to trace the features related to the current financial crisis The main results ... process of defining the cost of money lent by banks to their customers, therefore they have effects on the behaviour of borrowers and consequently on the real economy On the other hand, prices set...

Ngày tải lên: 22/03/2014, 23:20

... the first six months of a spell) increases with time The most important determinants of the duration of retail interest rates are the cumulated change in the money market interest rates and the ... changing the retail rates The exploration of these determinants contains, on the one hand, information on the effect of observed heterogeneity on price dynamics On the other hand, by incorporating the ... from and optimal price (which is a function of the costs and the demand function faced by the firm) and the costs of adjusting the price Under the assumption of a state-dependent retail interest...

Ngày tải lên: 22/03/2014, 23:20

Ngày tải lên: 01/04/2014, 15:20

... - What the interior of the building was like - What facilities there were in the building and the local area And say if you would like to study somewhere like that in the future or not, and why ... know them - When and how you first met them - How long you have been working or studying together And say whether you think you will get to know that person better in the future or not, and why ... country is -Why you went to that place - What things there are to there And say whether you think you will go there again in the near future or not, and why Describe an incident you remember well from...

Ngày tải lên: 04/10/2012, 11:45

... rate, and π t is inflation over the past year t Ugap takes two possible values: The first value is the gap between the unemployment rate ˜ ˜ and the standard NAIRU The second is the gap between U and ... unemployment and wages Econometric Model: The Phillips Curve and the NAIRU The short-run trade-off between inflation and unemployment has become one of the most important tools in the design and implementation ... does it for the non-European countries Each table contains results for both the standard and the modified models For each of the specifications, the coefficient on the unemployment gap and standard errors...

Ngày tải lên: 24/10/2012, 09:11

... these are expected to be too big to fail and to receive implicit insurance from either the central bank or the government Besides, it may affect both lending and deposit interest rates, and the ... are the Rule of Law index and the Hall & Jones index The former is taken from Kaufmann, Kraay and Zoido-Lobaton (2002), and summarises “in broad terms the respect of citizens and the state for the ... against losses, as they lack the ability to monitor the banks where they place their money Furthermore, they have to be provided with a mechanism to quickly recover the funds they are supposed...

Ngày tải lên: 15/02/2014, 05:20

... take the loan), and to know whether, how and, most importantly, why banks change these lending standards There are other channels through which low levels of both short- and long-term interest rates ... short-term interest rates may signal low short-term interest rates in the future, thus further increasing loan risk-taking by banks (Diamond and Rajan, 2009b) See also Diamond and Rajan (2001 and 2009b); ... detail the results of the paper In the first part of the analysis we look at the relationship between lending standards and interest rates First, we find that a softening of lending standards...

Ngày tải lên: 06/03/2014, 14:20

... of concentration The Herfindahl indices for the Netherlands’ and Finnish banking systems vary between 200 and 350 in the Netherlands and between 350 and 500 in Finland, although the index for time ... proxies for B0, i.e the aggregate demand for loans The elasticity of aggregate loan demand, B, are both proxied for by the ratio of the total assets of the banking system to GDP and the stock market ... of the maximum One immediately notices that the country with the most concentrated banking system in the euro area is the Netherlands, when measuring concentration as the market share of the...

Ngày tải lên: 15/03/2014, 14:20

... a model for themselves or for the whole of the EU for existing PAS In particular the Nordic countries with Norway and Denmark (beside Sweden), but also Germany, the Netherlands and the UK are ... chronic EC50 or LC50 and the MEEC is ³10 and there were no adverse effects observed at MEEC, the EA can be stopped and finalised If the MOS is

Ngày tải lên: 16/03/2014, 22:20

... in deposit rates for all banks in 17 the market.11 If the market is the home market of the mega-bank acquirer, on the other hand, then the regressions predict a positive impact from the merger ... impact the deposit rates set by banks and the way banks compete The reasons cited above affect not only the relative deposit rates at large and small banks, but also the average deposit rates ... in urban and rural markets, both in the composition of their deposit portfolios (e.g., DeYoung, et al, 2004) and in the interest rates they pay (e.g., Berger and Hannan, 1989; Hannan and Prager,...

Ngày tải lên: 22/03/2014, 23:20

... in 2005 With the introduction of the iPhone in 2007, it became the foundation of the mobile web WebKit is now the main engine for Android and the only engine for iOS, and dominates the mobile market ... invoked, they create an object that wraps a function One can continue the evaluation of that function via the next() method and pause the execution via the yield operator (inside the function); yield ... Among other things, it allows the handler to make the distinction between the static parts (such as "Hello") and the dynamic parts (such as firstName) Some handlers benefit from caching the former,...

Ngày tải lên: 24/03/2014, 04:21

... equal to the inflation target, provided the target is viewed as credible The lower the inflation target, the lower will be the nominal interest rate, on average, and the higher will be the likelihood ... significant negative shock to demand hits the economy, and the central bank finds itself unable to further reduce real interest rates Recalling the Fisher identity, if the nominal rate is stuck at ... reviewing the underlying mechanism of the zero-bound problem and then assess the risk of hitting the zero bound, including the potential implications In the following section, we review the main...

Ngày tải lên: 29/03/2014, 01:20

... about the standards they set if they can securitize the loans thereby transferring the risk off) 15 Berg, van Rixtel, Ferrando, de Bondt and Scopel (2005) describe in detail the setup of the survey ... information on the changes in the terms and conditions of a loan These are the contractual obligations agreed upon by the lender and the borrower, such as the interest rate (both for average and for ... banks quarterly information on the lending standards they apply to customers and on the loan demand they receive The survey started in 2002:Q4 and it collects the answers from a representative...

Ngày tải lên: 29/03/2014, 13:20

... long-term trends in the supply of and demand for medical practitioners in the debate over the medical student quota Our hypothesis is that the proposed additional increase in the medical student ... particularly high: the number of consultations per capita is higher in Japan than in any other OECD country [9], and the rates of hospital utilization are high as well These trends have made the shortage ... with the death probabilities reported for persons of the same sex and age category in the Complete Life Table (Figure 6) [15] The number of new medical doctors joining the profession was added, and...

Ngày tải lên: 18/06/2014, 17:20

... Figure 2, the signal of the rear microphone is delayed and subtracted from the signal picked up by the front microphone The directivity pattern of the system is defined by the ratio r of the internal ... short-term attenuation to the subband signals and is thus able to enhance the SNR even for those signals for which the desired signal and the noise cover the same frequency range The EphraimMalah-based ... which is multiplied by the bandpass signal or the magnitude of the complex bandpass signal prior to the spectral resynthesis stage There are many rationales to determine the frequencyspecific input-output...

Ngày tải lên: 23/06/2014, 01:20

... is proper, that is, the order of the numerator is the same as the order of the denominator, and the zeros of G2(s) are in the left-hand-plane Under these conditions, when the measurement noise ... function If the poles of a system’s transfer function are all in the left-hand-plane then the system is asymptotically stable That is, if the input to the system is bounded then the output of the system ... in the left-hand-plane or equivalently if the real part of transfer function’s poles are in the lefthand-plane then the system is stable  H The adjoint of  The adjoint of a system having the...

Ngày tải lên: 29/06/2014, 09:20

... throughout the United States They extend from the northeastern hardwood forests bordering the Atlantic Ocean to the western hardwood rangelands of California, Oregon, and Washington and from the northern ... forest and form the upland and bottomland oak ecosystems Together, these 114 million and provide a habitat for > 75 tree species, 230 species of birds and mammals, plus numerous other plants and ... of the Great Lakes and Canada southward to the bottomland hardwood and southern yellow pine woodlands that adjoin the Gulf of Mexico Although oaks are widespread, they predominate in central and...

Ngày tải lên: 08/08/2014, 23:22