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Author : Joan Robinson
Publisher :
ISBN 13 :
Total Pages : 190 pages
Book Rating : 4.:/5 (319 download)
Download or read book The Rate of Interest and Other Essays written by Joan Robinson and published by . This book was released on 1982 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nisha Aroskar
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (565 download)
Download or read book Essays on the Term Structure of Interest Rates written by Nisha Aroskar and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation contributes to the study of the term structure of interest rates by addressing some of the gaps in this literature. The term structure is an important channel of monetary transmission. It also contains information about the intertemporal choices made by economic agents. The expectations Hypothesis is the primary explanation in economics that links short term interest rates to long term interest rates. In the first essay I extend the literature by examining the expectations hypothesis in the newly developed financial markets. I find that the expectations theory is not rejected in these markets. This evidence is in sharp contrast to the evidence earlier presented for industrialized countries. Further, contrary to the simple expectations theory, the term premium has high persistence, which is reflected in significantly autoregressive error terms. The evidence also supports the longstanding suggestion that the term premium could be related to the liquidity in the economy. The next essay investigates the forecasting ability of the term spread for future output growth. There appears to be a sharp decline in the predictive power of the term spread in countries that have adopted monetary policy with a stronger response to inflation. To explore the underlying economic reasons for these findings, I explicitly model the information content of the term spread for future output growth based on a structural model. Model calibrations suggest that the forecasting ability of the term spread changes with a change in the persistence and the variance of the underlying economic shocks and in the monetary policy preferences. The last essay focuses on the term structure as a link between short term and long term interest rates in macroeconomic models. I integrate the New Keynesian model and the model of the term structure based on the Intertemporal Consumption Asset Pricing Model. This is a more plausible description of the economy compared to the earlier models. In this model, output responds to an interest rate that includes a time varying term premium which, in turn is associated with economic agents expectations about the future economic variables. Empirical results provide confidence for future research in this direction.
Author : Mr.Mark P. Taylor
Publisher : International Monetary Fund
ISBN 13 : 1451947038
Total Pages : 31 pages
Book Rating : 4.4/5 (519 download)
Download or read book Intervention, Interest Rates, and Charts written by Mr.Mark P. Taylor and published by International Monetary Fund. This book was released on 1991-11-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
Author : Jack M. Guttentag
Publisher :
ISBN 13 :
Total Pages : 282 pages
Book Rating : 4.:/5 (487 download)
Download or read book Essays on Interest Rates written by Jack M. Guttentag and published by . This book was released on 1969 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
ISBN 13 : 9781782542827
Total Pages : 304 pages
Book Rating : 4.5/5 (428 download)
Download or read book Credit, Interest Rates and the Open Economy written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
Author : Jack M. Guttentag
Publisher :
ISBN 13 :
Total Pages : 450 pages
Book Rating : 4.:/5 (174 download)
Download or read book Essays on Interest Rates written by Jack M. Guttentag and published by . This book was released on 1971 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James R Lothian
Publisher : World Scientific
ISBN 13 : 9813148314
Total Pages : 820 pages
Book Rating : 4.8/5 (131 download)
Download or read book Essays in International Money and Finance written by James R Lothian and published by World Scientific. This book was released on 2017-06-29 with total page 820 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of the book is to make the author's scholarly research in the areas of international finance and monetary economics easily accessible to other researchers and students. The articles included in the book span a wide range. The topics include the behavior of the three key relations in international finance, purchasing power parity, interest rate parity and real interest rate equality, the relation between money and other key economic variables, financial globalization and the transmission of economic disturbances internationally.
Author : Mark P. Taylor
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)
Download or read book Intervention, Interest Rates, and Charts written by Mark P. Taylor and published by . This book was released on 2006 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
Author : Tokhir Mirzoev
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (616 download)
Download or read book Essays in Monetary and International Economics written by Tokhir Mirzoev and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation is comprised of three essays in monetary and international macroeconomics. The first essay, titled "A Dynamic Model of Exogenous Exchange Rate Pass-Through", examines a two-country open economy model with sticky prices where exporters' choice of invoicing currency is endogenous. Besides generating incomplete pass-through, the model yields three main results. First, firms' invoicing strategy is generally time-varying. Second, average pass-through is asymmetric in times of persistent depreciation and appreciation. Finally, cross-country differences in money supply variability produce an origin-based asymmetry: different average pass-through rates into import and export prices. The second essay, titled "Limited Commitment, Inaction and Optimal Monetary Policy", examines the optimal frequency of monetary policy meetings when their schedule is pre-announced. The contribution of this paper is twofold. First, we show that in the standard New Keynesian framework infrequent but periodic revision of monetary policy may be desirable even when there are no explicit costs of policy adjustment. Second, we solve for the optimal frequency of policy adjustment and characterize its determinants. When applied to the U.S. economy, our analysis suggests that the Federal Open Market Committee should revise the federal funds target rate no more than twice a year. Finally, the third essay, titled "Does the Federal Reserve Do What It Says It Expects to Do?", studies the behavior of the Federal Open Market Committee in setting the federal funds target rate and making a bias announcement. The current bias concerning the next interest rate decision should be the optimal forecast based on the committee's interest rate policy rule. Therefore, the interest rate implied by the estimated policy should be consistent not only with the observed rate, but also with the observed bias announcement. We jointly estimate interest rate and bias announcement decision rules and find strong consistency between the two decisions in their response to inflation. However, the response to measures of economic activity is found inconsistent.
Author : Warren Bradford Cornell
Publisher :
ISBN 13 :
Total Pages : 302 pages
Book Rating : 4.F/5 ( download)
Download or read book Essays on the Relationship Between Interest Rates and Inflationary Expectations written by Warren Bradford Cornell and published by . This book was released on 1975 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hyoung-Seok Lim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (65 download)
Download or read book Three Essays on the Term Structure of Interest Rates written by Hyoung-Seok Lim and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Three chapters focus on the term structure of interest rates. Most Central Banks have recently employed the short term interest rate as a monetary policy instrument in the form of either a Taylor rule or Inflation Targeting. Under this framework, the term structure of interest rates play an important role in determining the effectiveness of monetary policy because economic decisions are based on long-term interest rates. The first two chapters discuss the role of the term structure of interest rates in explaining the behavior of exchange rates. Chapter 1 constructs a theoretical model and Chapter 2 provides an empirical result to supporting this theoretical prediction. Chapter 3 directly estimates the term structure of interest rates from Korean data. The estimated yield curves are used to extract market expectations about the future interest rates path which is essential for forward-looking monetary policy.
Author : Heather Lee Rukmani Tierney
Publisher :
ISBN 13 :
Total Pages : 252 pages
Book Rating : 4.3/5 (121 download)
Download or read book Essays on Inflation and Nominal Interest Rates written by Heather Lee Rukmani Tierney and published by . This book was released on 2005 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kasper Roszbach
Publisher :
ISBN 13 : 9789172584884
Total Pages : 23 pages
Book Rating : 4.5/5 (848 download)
Download or read book Essays on banking, credit and interest rates written by Kasper Roszbach and published by . This book was released on 1998 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : M. M. G. Fase
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.F/5 ( download)
Download or read book On Interest Rates and Asset Prices in Europe written by M. M. G. Fase and published by Edward Elgar Publishing. This book was released on 1999 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting 25 years of empirical research on interest rates and a variety of asset prices, this text aims to deepen understanding of asset price inflation. It includes an analysis of the measurement of interest rates, with case studies from The Netherlands, Belgium and EMU, and emphasizes statistical measurement and the attempt to understand interest rate behaviour through statistical estimation. The text also includes an examination of historical interest rate development in the long run, both theoretically and empirically. The behaviour of bonds, stocks, and investment in art are analyzed, as well as the factors indispensable for a monetary strategy designed to target inflation.
Author : Joan Robinson
Publisher : Springer
ISBN 13 : 1349161888
Total Pages : 193 pages
Book Rating : 4.3/5 (491 download)
Download or read book The Generalisation of the General Theory and other Essays written by Joan Robinson and published by Springer. This book was released on 1979-10-18 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas M. Humphrey
Publisher :
ISBN 13 :
Total Pages : 340 pages
Book Rating : 4.4/5 (91 download)
Download or read book Essays on Inflation written by Thomas M. Humphrey and published by . This book was released on 1986 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harry G. Johnson
Publisher : Routledge
ISBN 13 : 1134623631
Total Pages : 284 pages
Book Rating : 4.1/5 (346 download)
Download or read book Essays in Monetary Economics (Collected Works of Harry Johnson) written by Harry G. Johnson and published by Routledge. This book was released on 2013-07-18 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
