... Risk and Term Structure of Interest Rates • The risk structure of interest rates looks at bonds with the same term to maturity and different interest rates • The term structure of interest ... Structure of Interest Rates – Fact Expectations Theory • The interest rate on a long-term bond will equal an average of the short-term interest rates that people expect to occur over the life of the ... U.S interest payments on municipal bonds are exempt from federal income tax Term Structure of Interest Rates • Bonds with identical risk, liquidity, and tax characteristics may have different interest...
Ngày tải lên: 05/01/2014, 16:56
... standards (Kelly, 2011 and McCarthy and McQuinn, 2011) On the credit supply side, menu costs incurred from interest rate adjustments (Hofmann and Mizen, 2004) and credit rationing (Stiglitz and ... Ho., T.S.Y and A Saunders, 1981, The determinants of bank interest margins: Theory and empirical evidence, Journal of Financail and Quantitative Analysis, 16(4) November [8] Hofmann, B and P Mizen, ... Current interest rate type by year of origination Source: Central Bank of Ireland, loan-level data December 2010 23 Figure 5: Mortgage distress and interest rate type Source: Central Bank of Ireland,...
Ngày tải lên: 15/03/2014, 14:20
Drawing of rods, wires and tubes Subjects of interest docx
... summation of Up, Uf and Ur gives the total energy UT This has a minimum at some optimum die angle α* The reduction and the friction α∗ Components of total energy of deformation Suranaree University of ... section and by the friction forces acting along the tube -mandrel interface • minimised friction • Vmandrel = Vtube • The mandrel also imparts a smooth inside finish surface of the tube • mandrel ... University of Technology B' And µ1 = friction coefficient between tube and die wall µ2 = friction coefficient between tube and plug α = semi die angle of the die β = semi cone angle of the...
Ngày tải lên: 06/07/2014, 09:20
Tài liệu A collection of various computer and security logs pdf
... source and destination IP, and specific protocols, TCP and UDP port numbers The meaning of various computer and security logs Page of 39 Access List Type IP Standard Extended Named IPX Standard ... TCPDump and DNS TCPDump ICMP and TCP stimulus response IP and TCP IP and UDP IP and ICMP Revision history: Guy Bruneau, version 0.5 – 14 February 2001 The meaning of various computer and security ... The meaning of various computer and security logs Page 13 of 39 Snortsnarf This package is available at: http://www.silicondefense.com/snortsnarf/ The meaning of various computer and security...
Ngày tải lên: 21/12/2013, 05:17
How to live forever and 34 other really interesting uses of science
... his friends Some of those people will become infected and carry the germ to other far-flung parts of the world Hundreds of infections quickly become thousands, tens of thousands and then millions ... generated tens of thousands of words in newspapers, grabbed the gaze of scientists from around the world and induced a bout of soul-searching that still continues today The birth of Dolly the sheep ... warding off death from cancers, such as those of the breast and colon Thousands of medicinal compounds were known to ancient physicians, but central to the study of modern pharmacology is the task of...
Ngày tải lên: 15/01/2014, 10:58
Tài liệu Banks’ exposure to interest rate risk, their earnings from term transformation, and the dynamics of the term structure pptx
... Gonzales, and G M Soto (2009) Determinants of interest rate exposure of Spanish banking industry Working Paper of University of Castilla-La Mancha Czaja, M.-G., H Scholz, and M Wilkens (2010) Interest ... Mi (t)) and the bank’s interest income Ri (t) (variable: sharei (t)) Note that total assets T Ai (t) and interest income Rt (t) are reported only once a year (and, in the case of the interest ... present value of their banking book goes down owing to this standardized interest rate shock Currently, the standardized interest rate shock consists of two parts: a parallel upward shift of 130 basis...
Ngày tải lên: 16/02/2014, 06:20
Tài liệu Bank mergers and the dynamics of deposit interest rates doc
... investigation of deposit interest rates, Journal of Economics and Business, Vol 58(3): 256-272 27 Gropp, Reint Kok Sørensen, Christoffer and Jung-Duk Lichtenberger (2007): The dynamics of bank spreads and ... research reflects the views of the authors and not necessarily the views of the Deutsche Bundesbank, the Federal Reserve Bank of Cleveland, or the Board of Governors of the Federal Reserve System ... Vol 16: 62-72 Corvoisier, Sandrine and Reint Gropp (2002): Bank Concentration and Retail Interest Rates Journal of Banking and Finance, Vol 26: 2155–2189 Edelstein, Paul and Donald P Morgan (2006):...
Ngày tải lên: 17/02/2014, 03:20
Tài liệu Macro-Finance Models of Interest Rates and the Economy pdf
... 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 of economic and financial research going ... Real and Monetary Economies,” Journal of Economic Dynamics and Control, Vol 19, 909–940 Dewachter, H and M Lyrio 2006, “Macro Factors and the Term Structure of Interest Rates,” Journal of Money, ... structure of interest rates, and especially the size and dynamics of risk premiums Therefore, Rudebusch and Wu (2007) use their macro-finance model to consider whether the bond market’s assessment of...
Ngày tải lên: 17/02/2014, 03:20
Tài liệu Regulatory Rights Supreme Court Activism, the Public Interest, and the Making of Constitutional Law doc
... Activism, the Public Interest, and the 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 and the Basil Yanakakis ... the divine and hereditary right of English kings to rule, his promotion of accumulated wealth in the hands of the few, and above all his disdain for common people and for the idea of government ... document and must be, given that the document and only the document counts as the Constitution.10 But this is sophistry and a pernicious brand of sophistry in that it generates misunderstanding and...
Ngày tải lên: 18/02/2014, 11:20
Báo cáo khoa học: Enzymatic characterization and molecular modeling of an evolutionarily interesting fungal b-N-acetylhexosaminidase pot
... blue) and standard (magenta) substrates after ns of MD (C) Overlay of positions of N-propionyl modified (light blue) and standard (magenta) substrates after ns of MD (D) Molecular surface of the ... hydrolysis of N-formyl, N-glycolyl and N-propionyl derivatives of the standard N-acetyl substrate) than A oryzae (2–5% hydrolysis) The cloning and sequencing of PoHex and analysis of the corresponding ... buffer system of Laemmli [21] (Fig 1C, lanes and 9, respectively) Another protein band with a 2470 Fig Optimization of PoHex production and purification (A), (B) Time course of secretion of PoHex from...
Ngày tải lên: 14/03/2014, 23:20
INTEREST RATES AND THE CONDUCT OF MONETARY POLICY pot
... description of the key features of the Fed’s interest- rate targeting procedure based on data assembled in Cook and Hahn (1989) and on the views of financial market participants and Fed officials ... Mankiw, N.G and Miron, J., (1986) Structure of Interest Rates, Quarterly and Stock Prices Cam- Research of Seigniorage: The Changing JournaZ Theory and 327-341 Behavior of Economics, of the Term ... in two ways He makes the interestrate target an exogenous random walk, and he adds permanent shocks and deterministic seasonals to money demand and the ex ante real interest rate 15 So modified,...
Ngày tải lên: 15/03/2014, 01:20
WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES docx
... Cottarelli and Kourelis, 1994, and Borio and Fritz 1995) Recent cross-country studies by Donnay and Degryse (2001), Toolsema et al (2001) Heinemann and Schüller (2002) and Sander and Kleimeier (2002 and ... Boot and A.V Thakor, 1999, Megamergers and expanded scope: theories of bank size and activity diversity, Journal of Banking and Finance, 23(2), 195-214 Mojon, B., 2000, Financial structure and ... Hofmann (2003) ST LT Sander and ST Kleimeier (2004) LT Consumer loans Heinemann and ST 60 Schüller (2002) LT2) 100 Kleimeier and ST 15 Sander (2002) LT 85 Angeloni and ST Ehrmann (2003) LT Sander...
Ngày tải lên: 15/03/2014, 14:20
The Sensitivity of Bank Net Interest Margins and Profitability to Credit, Interest-Rate, and Term-Structure Shocks Across Bank Product Specializations potx
... 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 ... best consider the interest- rate sensitivity of net interest margin, we consider the net interest margin as a function of interest rates on assets and liabilities and the shares of each as a ratio ... variations in net interest income remain a key determinant of changes in profitability for a majority of banks However, research in the area of bank interest- rate risk and the behavior of NIM has been...
Ngày tải lên: 15/03/2014, 14:20
Forecast uncertainty and the Bank of England interest rate decisions ppt
... and the direction of the impact of forecast uncertainty on the MPC interest rate responses to forecast deviations of inflation from target and output growth from long-run mean Since the Bank of ... forecast location parameters mean, mode and median, together with a measure of uncertainty and a measure of the skew of the distribution The Bank of England has popularized presenting its forecasts ... of both the MPC interest rate decisions and the member interest rate average, these interest rate reactions are not significantly different from the OLS estimates in terms of a 10% confidence band...
Ngày tải lên: 22/03/2014, 23:20
WORKING PAPER NO. 218 THE ZERO-INTEREST-RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN potx
... an inflation target of 1%, a real equilibrium rate of 1%, and thus an equilibrium nominal interest rate of 2% Then the Japanese economy is hit by a sequence of negative demand and contract price ... the upward bias in the standard deviation of output and inflation as a function of the equilibrium nominal interest rate For example, for an i∗ of 1% the standard deviation of the output gap increases ... central bank can ease monetary policy by expanding the supply of the monetary base and bringing down the short-term rate of interest Since prices of goods and services adjust more slowly than those...
Ngày tải lên: 22/03/2014, 23:20
WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES pptx
... Cottarelli and Kourelis, 1994, and Borio and Fritz 1995) Recent cross-country studies by Donnay and Degryse (2001), Toolsema et al (2001) Heinemann and Schüller (2002) and Sander and Kleimeier (2002 and ... Boot and A.V Thakor, 1999, Megamergers and expanded scope: theories of bank size and activity diversity, Journal of Banking and Finance, 23(2), 195-214 Mojon, B., 2000, Financial structure and ... Hofmann (2003) ST LT Sander and ST Kleimeier (2004) LT Consumer loans Heinemann and ST 60 Schüller (2002) LT2) 100 Kleimeier and ST 15 Sander (2002) LT 85 Angeloni and ST Ehrmann (2003) LT Sander...
Ngày tải lên: 22/03/2014, 23:20
Đề tài " Existence and minimizing properties of retrograde orbits to the three-body problem with various choices of masses " potx
... 1)m1 m2 m3 + m1 m2 + m2 m3 + m1 m3 max{mi } 338 KUO-CHANG CHEN Proof of Main Theorems We begin with the proof of Theorem 1: Proof of Theorem Assume m3 = 1, M = m1 + m2 + Let F (m1 , m2 ), G(m1 , ... variational methods on the existence of certain types of solutions to the planar three-body problem with various choices of masses There is a natural way of classifying orbits by their topological ... line represents a similarity class of one type of double collision Let S be the unit EXISTENCE AND MINIMIZING PROPERTIES OF RETROGRADE ORBITS 329 sphere in V and S be the unit shape sphere The...
Ngày tải lên: 29/03/2014, 07:20
Dual-track interest rates and the conduct of monetary policy in China potx
... bond trading accounted for 14% and 34%, respectively (PBC, 2010) Table Distribution of bank lending rates,% Share of Share of Share of Share of Share of Share of Share of loans priced loans priced ... Transition Bank of Finland BOFIT Discussion Papers 21/ 2011 Dong He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy in China Abstract China has a dual-track interest- rate ... hwang@hkma.gov.hk Dong He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy in China Dong He and Honglin Wang Dual-track Interest Rates and the Conduct of Monetary Policy...
Ngày tải lên: 29/03/2014, 13:20
Working PaPer SerieS no 967 / november 2008: Central bank miSPerCePtions and the role of money in interest rate rules pptx
... elasticity of money demand (in line with Andres et al (2006) and Ireland (2004)) Interest rate elasticity of money demand (in line with Andres et al (2006) and Ireland (2004)) Weighting parameter of ... interest rate, potential output growth, steady-state inflation and inflation target Standard deviation of cost-push, demand and money demand shocks Standard deviation of noise of aggregate demand ... (2005), Pill and Rautananen (2006) and Assenmacher-Wesche and Gerlach (2007) Beck and Wieland (2007) point out that such an interest rate rule captures key elements of the ECB’s description of its...
Ngày tải lên: 29/03/2014, 13:20
Monetary Policy in the Eurozone: Evaluating the European Central Bank’s interest rate decisions and the needs of member states using a Taylor rule ppt
... for Spain and Ireland, causing a substantial acceleration of their inflation and threatening their competitiveness Such disparities of demand conditions will undoubtedly persist 40 Lee and Crowley ... the interest rates in countries with weak demand would naturally decline, and the external values of their currencies would fall, both acting as offsetting stabilizers of the countries weak demand ... well as “While today most of the members of Euroland probably find that the interest rate decisions of the ECB are consistent with their national economic conditions most of the time, this may no...
Ngày tải lên: 29/03/2014, 13:20