The Transmittance Of Changes Of The Prime Rate To The Long End Of The Yield Curve And Why It Actually Does Not Work

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The transmittance of changes of the prime rate to the long end of the yield curve – and why it actually does not work

Author : Christoph Müller
Publisher : GRIN Verlag
ISBN 13 : 3638008487
Total Pages : 19 pages
Book Rating : 4.6/5 (38 download)

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Book Synopsis The transmittance of changes of the prime rate to the long end of the yield curve – and why it actually does not work by : Christoph Müller

Download or read book The transmittance of changes of the prime rate to the long end of the yield curve – and why it actually does not work written by Christoph Müller and published by GRIN Verlag. This book was released on 2008-02-21 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, Baden-Wuerttemberg Cooperative State University (DHBW), language: English, abstract: In February 2005, Fed’s Chairman Alan Greenspan wondered why the long end of the yield curve did not show any reaction to the hiking prime rate. Normally, a hiking prime rate gets through the complex transmittance-mechanism to the long end of a yield curve. But in this cycle since June 2004, nothing changed at the long end. An explanation via the classic interest theories does not come to a satisfiying result, so the situation must be explained by the actual circumstances. The main reason is a very high liquidity which has its origin in the last economic cycle. The excessive investments in 1999 and 2000 still keep the enterprises busy. They do not invest in fixed assets, which would mean a higher capital demand, but on the capital market; and they pay back their debts, which also leads to a falling yield. The liquidity supply from east asia causes a high demand for US-$ - bonds as well. China for example holds more than one trillion US-$ as monetary reserve to keep their exchange rate low. A combination of many more, different facts, which deserve closer attention, lead to the answer to Greenspan’s conundrum.

The Transmittance of Changes of the Prime Rate to the Long End of the Yield Curve - and Why It Actually Does Not Work

Author : Christoph Müller
Publisher : GRIN Verlag
ISBN 13 : 3638914127
Total Pages : 41 pages
Book Rating : 4.6/5 (389 download)

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Book Synopsis The Transmittance of Changes of the Prime Rate to the Long End of the Yield Curve - and Why It Actually Does Not Work by : Christoph Müller

Download or read book The Transmittance of Changes of the Prime Rate to the Long End of the Yield Curve - and Why It Actually Does Not Work written by Christoph Müller and published by GRIN Verlag. This book was released on 2008-02 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, Baden-Wuerttemberg Cooperative State University (DHBW), 22 entries in the bibliography, language: English, abstract: In February 2005, Fed's Chairman Alan Greenspan wondered why the long end of the yield curve did not show any reaction to the hiking prime rate. Normally, a hiking prime rate gets through the complex transmittance-mechanism to the long end of a yield curve. But in this cycle since June 2004, nothing changed at the long end. An explanation via the classic interest theories does not come to a satisfiying result, so the situation must be explained by the actual circumstances. The main reason is a very high liquidity which has its origin in the last economic cycle. The excessive investments in 1999 and 2000 still keep the enterprises busy. They do not invest in fixed assets, which would mean a higher capital demand, but on the capital market; and they pay back their debts, which also leads to a falling yield. The liquidity supply from east asia causes a high demand for US-$ - bonds as well. China for example holds more than one trillion US-$ as monetary reserve to keep their exchange rate low. A combination of many more, different facts, which deserve closer attention, lead to the answer to Greenspan's conundrum.

Author :
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 67 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis by :

Download or read book written by and published by International Monetary Fund. This book was released on with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pledged Collateral Market's Role in Transmission to Short-Term Market Rates

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
ISBN 13 : 1498312799
Total Pages : 21 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Pledged Collateral Market's Role in Transmission to Short-Term Market Rates by : Mr.Manmohan Singh

Download or read book Pledged Collateral Market's Role in Transmission to Short-Term Market Rates written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2019-05-17 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.

Booms, Bubbles, and Busts in US Stock Markets

Author : David L. Western
Publisher : Psychology Press
ISBN 13 : 9780415369688
Total Pages : 264 pages
Book Rating : 4.3/5 (696 download)

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Book Synopsis Booms, Bubbles, and Busts in US Stock Markets by : David L. Western

Download or read book Booms, Bubbles, and Busts in US Stock Markets written by David L. Western and published by Psychology Press. This book was released on 2004 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: An extremely user-friendly overview of the inner workings of the US stock market. Things have changed a great deal since the heady days of the 1980s and we are now entering an era of profound uncertainty, with most analysts predicting trouble ahead. Indeed, the alarming decline of the NASDAQ shows no sign of abating and the fear is that traditional industries will be the next to bite the dust. September 11th has only added to the gloomy mood. This book examines the current conditions before looking back to the events of the past century - The Great Depression, the 1970s oil crisis, the party-for-the-rich atmosphere of the 1980s and the emergence of the new economy.

Sterling Bond Markets-- Weekly Review

Author :
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Sterling Bond Markets-- Weekly Review by :

Download or read book Sterling Bond Markets-- Weekly Review written by and published by . This book was released on 1989 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pledged Collateral Market's Role in Transmission to Short-Term Market Rates

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
ISBN 13 : 1498315852
Total Pages : 21 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Pledged Collateral Market's Role in Transmission to Short-Term Market Rates by : Mr.Manmohan Singh

Inside and Outside Liquidity

Author : Bengt Holmstrom
Publisher : MIT Press
ISBN 13 : 0262518538
Total Pages : 263 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Inside and Outside Liquidity by : Bengt Holmstrom

Download or read book Inside and Outside Liquidity written by Bengt Holmstrom and published by MIT Press. This book was released on 2013-01-11 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.

Booms, Bubbles and Bust in the US Stock Market

Author : David Western
Publisher : Routledge
ISBN 13 : 100015906X
Total Pages : 262 pages
Book Rating : 4.0/5 (1 download)

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Book Synopsis Booms, Bubbles and Bust in the US Stock Market by : David Western

Download or read book Booms, Bubbles and Bust in the US Stock Market written by David Western and published by Routledge. This book was released on 2020-10-07 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: An extremely user-friendly overview of the inner workings of the US stock market. Things have changed a great deal since the heady days of the 1980s and we are now entering an era of profound uncertainty, with most analysts predicting trouble ahead. Indeed, the alarming decline of the NASDAQ shows no sign of abating and the fear is that traditional industries will be the next to bite the dust. September 11th has only added to the gloomy mood. This book examines the current conditions before looking back to the events of the past century - The Great Depression, the 1970s oil crisis, the party-for-the-rich atmosphere of the 1980s and the emergence of the new economy.

One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area

Author : Giancarlo Corsetti
Publisher : International Monetary Fund
ISBN 13 : 1513548743
Total Pages : 63 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area by : Giancarlo Corsetti

Download or read book One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area written by Giancarlo Corsetti and published by International Monetary Fund. This book was released on 2020-06-26 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption, consumer prices, and variables related to local housing and labor markets. Building a small open economy model featuring a housing sector and calibrating it to Spain, we show that varying the share of adjustable-rate mortgages and loan-to-value ratios explains up to one-third of the cross-country heterogeneity in the responses of output and private consumption.

Command Of The Air

Author : General Giulio Douhet
Publisher : Pickle Partners Publishing
ISBN 13 : 1782898522
Total Pages : 620 pages
Book Rating : 4.7/5 (828 download)

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Book Synopsis Command Of The Air by : General Giulio Douhet

Download or read book Command Of The Air written by General Giulio Douhet and published by Pickle Partners Publishing. This book was released on 2014-08-15 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the pantheon of air power spokesmen, Giulio Douhet holds center stage. His writings, more often cited than perhaps actually read, appear as excerpts and aphorisms in the writings of numerous other air power spokesmen, advocates-and critics. Though a highly controversial figure, the very controversy that surrounds him offers to us a testimonial of the value and depth of his work, and the need for airmen today to become familiar with his thought. The progressive development of air power to the point where, today, it is more correct to refer to aerospace power has not outdated the notions of Douhet in the slightest In fact, in many ways, the kinds of technological capabilities that we enjoy as a global air power provider attest to the breadth of his vision. Douhet, together with Hugh “Boom” Trenchard of Great Britain and William “Billy” Mitchell of the United States, is justly recognized as one of the three great spokesmen of the early air power era. This reprint is offered in the spirit of continuing the dialogue that Douhet himself so perceptively began with the first edition of this book, published in 1921. Readers may well find much that they disagree with in this book, but also much that is of enduring value. The vital necessity of Douhet’s central vision-that command of the air is all important in modern warfare-has been proven throughout the history of wars in this century, from the fighting over the Somme to the air war over Kuwait and Iraq.

Disease Control Priorities, Third Edition (Volume 6)

Author : King K. Holmes
Publisher : World Bank Publications
ISBN 13 : 1464805253
Total Pages : 1027 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Disease Control Priorities, Third Edition (Volume 6) by : King K. Holmes

Download or read book Disease Control Priorities, Third Edition (Volume 6) written by King K. Holmes and published by World Bank Publications. This book was released on 2017-11-06 with total page 1027 pages. Available in PDF, EPUB and Kindle. Book excerpt: Infectious diseases are the leading cause of death globally, particularly among children and young adults. The spread of new pathogens and the threat of antimicrobial resistance pose particular challenges in combating these diseases. Major Infectious Diseases identifies feasible, cost-effective packages of interventions and strategies across delivery platforms to prevent and treat HIV/AIDS, other sexually transmitted infections, tuberculosis, malaria, adult febrile illness, viral hepatitis, and neglected tropical diseases. The volume emphasizes the need to effectively address emerging antimicrobial resistance, strengthen health systems, and increase access to care. The attainable goals are to reduce incidence, develop innovative approaches, and optimize existing tools in resource-constrained settings.

The Structuring of Organizations

Author : Henry Mintzberg
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Structuring of Organizations by : Henry Mintzberg

Download or read book The Structuring of Organizations written by Henry Mintzberg and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Synthesizes the empirical literature on organizationalstructuring to answer the question of how organizations structure themselves --how they resolve needed coordination and division of labor. Organizationalstructuring is defined as the sum total of the ways in which an organizationdivides and coordinates its labor into distinct tasks. Further analysis of theresearch literature is neededin order to builda conceptualframework that will fill in the significant gap left by not connecting adescription of structure to its context: how an organization actuallyfunctions. The results of the synthesis are five basic configurations (the SimpleStructure, the Machine Bureaucracy, the Professional Bureaucracy, theDivisionalized Form, and the Adhocracy) that serve as the fundamental elementsof structure in an organization. Five basic parts of the contemporaryorganization (the operating core, the strategic apex, the middle line, thetechnostructure, and the support staff), and five theories of how it functions(i.e., as a system characterized by formal authority, regulated flows, informalcommunication, work constellations, and ad hoc decision processes) aretheorized. Organizations function in complex and varying ways, due to differing flows -including flows of authority, work material, information, and decisionprocesses. These flows depend on the age, size, and environment of theorganization; additionally, technology plays a key role because of itsimportance in structuring the operating core. Finally, design parameters aredescribed - based on the above five basic parts and five theories - that areused as a means of coordination and division of labor in designingorganizational structures, in order to establish stable patterns of behavior.(CJC).

The Challenge of Crime in a Free Society

Author : United States. President's Commission on Law Enforcement and Administration of Justice
Publisher :
ISBN 13 :
Total Pages : 368 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Challenge of Crime in a Free Society by : United States. President's Commission on Law Enforcement and Administration of Justice

Download or read book The Challenge of Crime in a Free Society written by United States. President's Commission on Law Enforcement and Administration of Justice and published by . This book was released on 1967 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report of the President's Commission on Law Enforcement and Administration of Justice -- established by President Lyndon Johnson on July 23, 1965 -- addresses the causes of crime and delinquency and recommends how to prevent crime and delinquency and improve law enforcement and the administration of criminal justice. In developing its findings and recommendations, the Commission held three national conferences, conducted five national surveys, held hundreds of meetings, and interviewed tens of thousands of individuals. Separate chapters of this report discuss crime in America, juvenile delinquency, the police, the courts, corrections, organized crime, narcotics and drug abuse, drunkenness offenses, gun control, science and technology, and research as an instrument for reform. Significant data were generated by the Commission's National Survey of Criminal Victims, the first of its kind conducted on such a scope. The survey found that not only do Americans experience far more crime than they report to the police, but they talk about crime and the reports of crime engender such fear among citizens that the basic quality of life of many Americans has eroded. The core conclusion of the Commission, however, is that a significant reduction in crime can be achieved if the Commission's recommendations (some 200) are implemented. The recommendations call for a cooperative attack on crime by the Federal Government, the States, the counties, the cities, civic organizations, religious institutions, business groups, and individual citizens. They propose basic changes in the operations of police, schools, prosecutors, employment agencies, defenders, social workers, prisons, housing authorities, and probation and parole officers.

Velocity of Pledged Collateral

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
ISBN 13 : 1463923953
Total Pages : 26 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Velocity of Pledged Collateral by : Mr.Manmohan Singh

Download or read book Velocity of Pledged Collateral written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2011-11-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management complex, with the primary providers being hedge funds, pension funds, insurers, official sector accounts, money markets and others. Post-Lehman, there has been a significant decline in the source collateral for the large dealers that specialize in intermediating pledgeable collateral. Since collateral can be reused, the overall effect (i.e., reduced ?source' of collateral times the velocity of collateral) may have been a $4-5 trillion reduction in collateral. This decline in financial lubrication likely has impact on the conduct of global monetary policy. And recent regulations aimed at financial stability, focusing on building equity and reducing leverage at large banks/dealers, may also reduce financial lubrication in the nonbank/bank nexus.

International Convergence of Capital Measurement and Capital Standards

Author :
Publisher : Lulu.com
ISBN 13 : 9291316695
Total Pages : 294 pages
Book Rating : 4.2/5 (913 download)

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Book Synopsis International Convergence of Capital Measurement and Capital Standards by :

Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Capital Markets, CDFIs, and Organizational Credit Risk

Author : Charles Tansey
Publisher : Carsey Institute
ISBN 13 : 9780578062228
Total Pages : 360 pages
Book Rating : 4.0/5 (622 download)

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Book Synopsis Capital Markets, CDFIs, and Organizational Credit Risk by : Charles Tansey

Download or read book Capital Markets, CDFIs, and Organizational Credit Risk written by Charles Tansey and published by Carsey Institute. This book was released on 2010 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can Community Development Financial Institutions (CDFIs) get unlimited amounts of low cost, unsecured, short- and long-term funding from the capital markets based on their organizational credit risk? Can they get pricing, flexibility, and procedural parity with for-profit corporations of equivalent credit risk? One of the key objectives of this book is to explain the reasons why the answer to the two questions above remains "no." The other two key objectives are to show the inner workings of what has been done to date to overcome the obstacles so that we don't have to retrace the same steps and recommend additional disciplines that position CDFIs to take advantage of the mechanisms of the capital markets once the markets stabilize.