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Author : David Meiselman
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Term Structure of Interest Rates written by David Meiselman and published by . This book was released on 1962 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Felix Geiger
Publisher : Springer Science & Business Media
ISBN 13 : 3642215750
Total Pages : 320 pages
Book Rating : 4.6/5 (422 download)
Download or read book The Yield Curve and Financial Risk Premia written by Felix Geiger and published by Springer Science & Business Media. This book was released on 2011-08-17 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The determinants of yield curve dynamics have been thoroughly discussed in finance models. However, little can be said about the macroeconomic factors behind the movements of short- and long-term interest rates as well as the risk compensation demanded by financial investors. By taking on a macro-finance perspective, the book’s approach explicitly acknowledges the close feedback between monetary policy, the macroeconomy and financial conditions. Both theoretical and empirical models are applied in order to get a profound understanding of the interlinkages between economic activity, the conduct of monetary policy and the underlying macroeconomic factors of bond price movements. Moreover, the book identifies a broad risk-taking channel of monetary transmission which allows a reassessment of the role of financial constraints; it enables policy makers to develop new guidelines for monetary policy and for financial supervision of how to cope with evolving financial imbalances.
Author : Emanuel Kopp
Publisher : International Monetary Fund
ISBN 13 : 1484363671
Total Pages : 22 pages
Book Rating : 4.4/5 (843 download)
Download or read book A Macroeconomic Approach to the Term Premium written by Emanuel Kopp and published by International Monetary Fund. This book was released on 2018-06-15 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, term premia have been very low and sometimes even negative. Now, with the United States economy growing above potential, inflationary pressures are on the rise. Term premia are very sensitive to the expected future path of growth, inflation, and monetary policy, and an inflation surprise could require monetary policy to tighten faster than anticipated, inducing to a sudden decompression of term and other risk premia, thus tightening financial conditions. This paper proposes a semi-structural dynamic term structure model augmented with macroeconomic factors to include cyclical dynamics with a focus on medium- to long-run forecasts. Our results clearly show that a macroeconomic approach is warranted: While term premium estimates are in line with those from other studies, we provide (i) plausible, stable estimates of expected long-term interest rates and (ii) forecasts of short- and long-term interest rates as well as cyclical macroeconomic variables that are stunningly close to those generated from large-scale macroeconomic models.
Author : Reuben A. Kessel
Publisher :
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.3/5 (97 download)
Download or read book The Cyclical Behavior of the Term Structure of Interest Rates written by Reuben A. Kessel and published by . This book was released on 1965 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Carl E. Walsh
Publisher : MIT Press
ISBN 13 : 0262338505
Total Pages : 687 pages
Book Rating : 4.2/5 (623 download)
Download or read book Monetary Theory and Policy, fourth edition written by Carl E. Walsh and published by MIT Press. This book was released on 2017-05-12 with total page 687 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates. This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach. Other new material includes discussions of price adjustment, labor market frictions and unemployment, and moral hazard frictions among financial intermediaries. References and end-of-chapter problems allow readers to extend their knowledge of the topics covered. Monetary Theory and Policy continues to be the most comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.
Author : Lavan Mahadeva
Publisher : Routledge
ISBN 13 : 1134289847
Total Pages : 464 pages
Book Rating : 4.1/5 (342 download)
Download or read book How Monetary Policy Works written by Lavan Mahadeva and published by Routledge. This book was released on 2004-08-02 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.
Author : Chetan Ghate
Publisher : Springer
ISBN 13 : 8132228405
Total Pages : 653 pages
Book Rating : 4.1/5 (322 download)
Download or read book Monetary Policy in India written by Chetan Ghate and published by Springer. This book was released on 2016-11-25 with total page 653 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents research that applies contemporary monetary theory and state-of-the-art econometric methods to the analysis of the monetary and financial aspects of the Indian economy and the impact of monetary policy on economic performance. Indian monetary policy has attracted significant attention from Indian and international macroeconomists over the last several years. Interest in how monetary policy influences economic performance and how monetary policy is conducted in India is growing. The prospects for further financial sector reform and ongoing inflation in India have sparked new interest in the role of money and monetary policy in India among economists, policy makers and students alike. The book should also interest economists outside India because it studies monetary economics in a major emerging market economy and makes advances in the analysis of how financial market imperfections and structural constraints influence the effects of monetary policy.
Author : Emanuel Kopp
Publisher : International Monetary Fund
ISBN 13 : 1484362152
Total Pages : 22 pages
Book Rating : 4.4/5 (843 download)
Download or read book A Macroeconomic Approach to the Term Premium written by Emanuel Kopp and published by International Monetary Fund. This book was released on 2018-06-15 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, term premia have been very low and sometimes even negative. Now, with the United States economy growing above potential, inflationary pressures are on the rise. Term premia are very sensitive to the expected future path of growth, inflation, and monetary policy, and an inflation surprise could require monetary policy to tighten faster than anticipated, inducing to a sudden decompression of term and other risk premia, thus tightening financial conditions. This paper proposes a semi-structural dynamic term structure model augmented with macroeconomic factors to include cyclical dynamics with a focus on medium- to long-run forecasts. Our results clearly show that a macroeconomic approach is warranted: While term premium estimates are in line with those from other studies, we provide (i) plausible, stable estimates of expected long-term interest rates and (ii) forecasts of short- and long-term interest rates as well as cyclical macroeconomic variables that are stunningly close to those generated from large-scale macroeconomic models.
Author : Nikiforos T. Laopodis
Publisher : Taylor & Francis
ISBN 13 : 1000506053
Total Pages : 767 pages
Book Rating : 4.0/5 (5 download)
Download or read book Financial Economics and Econometrics written by Nikiforos T. Laopodis and published by Taylor & Francis. This book was released on 2021-12-14 with total page 767 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Economics and Econometrics provides an overview of the core topics in theoretical and empirical finance, with an emphasis on applications and interpreting results. Structured in five parts, the book covers financial data and univariate models; asset returns; interest rates, yields and spreads; volatility and correlation; and corporate finance and policy. Each chapter begins with a theory in financial economics, followed by econometric methodologies which have been used to explore the theory. Next, the chapter presents empirical evidence and discusses seminal papers on the topic. Boxes offer insights on how an idea can be applied to other disciplines such as management, marketing and medicine, showing the relevance of the material beyond finance. Readers are supported with plenty of worked examples and intuitive explanations throughout the book, while key takeaways, ‘test your knowledge’ and ‘test your intuition’ features at the end of each chapter also aid student learning. Digital supplements including PowerPoint slides, computer codes supplements, an Instructor’s Manual and Solutions Manual are available for instructors. This textbook is suitable for upper-level undergraduate and graduate courses on financial economics, financial econometrics, empirical finance and related quantitative areas.
Author : Nguyen Ngoc Thach
Publisher : Springer Nature
ISBN 13 : 3030986896
Total Pages : 865 pages
Book Rating : 4.0/5 (39 download)
Download or read book Financial Econometrics: Bayesian Analysis, Quantum Uncertainty, and Related Topics written by Nguyen Ngoc Thach and published by Springer Nature. This book was released on 2022-05-28 with total page 865 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book overviews latest ideas and developments in financial econometrics, with an emphasis on how to best use prior knowledge (e.g., Bayesian way) and how to best use successful data processing techniques from other application areas (e.g., from quantum physics). The book also covers applications to economy-related phenomena ranging from traditionally analyzed phenomena such as manufacturing, food industry, and taxes, to newer-to-analyze phenomena such as cryptocurrencies, influencer marketing, COVID-19 pandemic, financial fraud detection, corruption, and shadow economy. This book will inspire practitioners to learn how to apply state-of-the-art Bayesian, quantum, and related techniques to economic and financial problems and inspire researchers to further improve the existing techniques and come up with new techniques for studying economic and financial phenomena. The book will also be of interest to students interested in latest ideas and results.
Author : Burton Gordon Malkiel
Publisher : Princeton University Press
ISBN 13 : 1400879787
Total Pages : 294 pages
Book Rating : 4.4/5 (8 download)
Download or read book Term Structure of Interest Rates written by Burton Gordon Malkiel and published by Princeton University Press. This book was released on 2015-12-08 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can expectations alone explain the yield differentials among bonds of different maturities? To what extend do attitudes toward risk and transactions costs influence the behavior of bond investors? Is it possible for the Federal Reserve to "twist" the interest-rate structure in accordance with its policy objectives? These are among the questions treated. Originally published in 1966. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author : Mehdi Mili
Publisher : Springer
ISBN 13 : 3319952854
Total Pages : 298 pages
Book Rating : 4.3/5 (199 download)
Download or read book New Methods in Fixed Income Modeling written by Mehdi Mili and published by Springer. This book was released on 2018-08-18 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents new approaches to fixed income modeling and portfolio management techniques. Taking into account the latest mathematical and econometric developments in finance, it analyzes the hedging securities and structured instruments that are offered by banks, since recent research in the field of fixed incomes and financial markets has raised awareness for changes in market risk management strategies. The book offers a valuable resource for all researchers and practitioners interested in the theory behind fixed income instruments, and in their applications in financial portfolio management.
Author : D. Gareth Thomas
Publisher : Springer Nature
ISBN 13 : 3030703665
Total Pages : 223 pages
Book Rating : 4.0/5 (37 download)
Download or read book The Creators of Inside Money written by D. Gareth Thomas and published by Springer Nature. This book was released on 2021-07-07 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition updates and extends the original foundations of the loanable funds model. It develops a new monetary model of inside money, which is created by the commercial (or retail) banks, drawing on the events of 2007/08 that led to the Great Recession and fragile economy of today. Coronavirus is likely to cause another downturn of economic activity, from the perspective of late 2020 as this is written. That will represent a long-period of subpar, anaemic growth, which has not been satisfactorily explained by the traditional theory in the form of neo-classical analysis. The reason may lie with the adoption of a body of theory based primarily on a barter system of exchange but sometimes with one commodity used as money to try to explain a dynamic, monetary economy of today. Money has evolved from a system of barter to become a medium of exchange based on fiat money and credit currency underpinned by legal tender, and therefore, a creature of law. If households and firms lose confidence in the banking system, they can withdraw their deposits in the form of cash as a medium of exchange, which must be accepted in exchange for goods and services as legal tender. This book highlights the importance of how money is created or destroyed endogenously and derives the loanable supply of funds in conjunction with the demand within a revised analysis of monetary theory, with a new emphasis on portfolio theory. It applies critical thinking and the realization of a more precise formulation of the loanable funds theory to final year and postgraduate students in particular, with various features systematically added such as the catastrophe framework and Minsky’s theory of changing states in an attempt to derive a fully dynamic model. There is a new framework using aggregate demand and supply analysis to explain inflation. This will be reinforced at each stage by the inclusion of revised and updated case studies, graphs and figures to give an international setting and application
Author : Shigeyuki Hamori
Publisher : World Scientific
ISBN 13 : 9812838430
Total Pages : 220 pages
Book Rating : 4.8/5 (128 download)
Download or read book Introduction of the Euro and the Monetary Policy of the European Central Bank written by Shigeyuki Hamori and published by World Scientific. This book was released on 2010 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Marking the 10th anniversary of the creation of the European Central Bank (ECB) and the Euro, this invaluable book analyzes the monetary policy of the ECB - the guardian of the Euro - by using recently developed econometric methods. The analysis performed in this book marks a substantial contribution toward understanding the significance of the Euro area as well as the future of the Euro from an International perspective." --Book Jacket.
Author : Thomas D. Simpson
Publisher : John Wiley & Sons
ISBN 13 : 1118872053
Total Pages : 384 pages
Book Rating : 4.1/5 (188 download)
Download or read book Financial Markets, Banking, and Monetary Policy written by Thomas D. Simpson and published by John Wiley & Sons. This book was released on 2014-06-24 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential resource for understanding complex modern financial markets, monetary policy, and banking systems The international economic environment has evolved to the point that what constitutes money is not always clear-cut, and monetary aggregates are undependable as guides to overall policy. Central banks have had to turn to very different tactics in order to achieve their stated policy goals. In this in-depth resource, Thomas D. Simpson a former official with the Federal Reserve System introduces a new approach to both monetary policy and the overall financial system. Financial Markets, Banking, and Monetary Policy highlights the role of each major financial market and institution and shows how they've become a part of the overall financial system. The book also describes the important features of central banks along with their responsibility for achieving specific macroeconomic objectives and reveals how they pursue goals for inflation, employment, and the economy. While highlighting the United States system, Simpson's comprehensive view of banking and monetary policy is equally applicable to the financial systems and economies of other developed nations. This reliable resource is solidly grounded in economic principles and on the key term structure of interest rate relationships. Simpson explores how the term structure relationship plays a central role in the conduct of monetary policy and outlines a framework for understanding financial crises and the systemic risk faced by modern economies. The book explains in detail the evolving integration of central banks' various methods for conducting monetary and financial stability policies. Filled with illustrative examples and charts, this resource delves into the interconnection between financial markets and institutions, monetary policy, and performance of the economy. An indispensible resource for both professionals and students of finance and economics, Financial Markets, Banking, and Monetary Policy offers a clear understanding of Simpson's term structure relationship and how it works throughout the financial system.
Author : Phillip O'Hara
Publisher : Routledge
ISBN 13 : 1134734905
Total Pages : 1606 pages
Book Rating : 4.1/5 (347 download)
Download or read book Encyclopedia of Political Economy written by Phillip O'Hara and published by Routledge. This book was released on 1999-02-04 with total page 1606 pages. Available in PDF, EPUB and Kindle. Book excerpt: Content Description #Includes bibliographical references and index.
Author : Thomas F. Cargill
Publisher : Cambridge University Press
ISBN 13 : 1108206123
Total Pages : 425 pages
Book Rating : 4.1/5 (82 download)
Download or read book The Financial System, Financial Regulation and Central Bank Policy written by Thomas F. Cargill and published by Cambridge University Press. This book was released on 2017-10-06 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional money and banking textbooks are long, expensive, and full of so much institutional and technical modeling detail that students cannot understand the big picture. Thomas F. Cargill presents a new alternative: a short, inexpensive book without the 'bells and whistles' that teaches students the fundamentals in a clear, narrative form. In an engaging writing style, Cargill explains the three core components of money and banking, and their interactions: 1) the financial system, 2) government regulation and supervision, and 3) central bank policy. Cargill focuses on the interaction between government financial policy and central bank policy and offers a critique of the central bank's role in the economy, the tools it uses, how these tools affect the economy, and how effective these policies have been, providing a more balanced perspective of government policy failure versus market failure than traditional textbooks.
