Monetary Policy and the Information Content of Index Bond Prices - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Monetary Policy and the Information Content of Index Bond Prices write by John F. Boschen. This book was released on 1982. Monetary Policy and the Information Content of Index Bond Prices available in PDF, EPUB and Kindle.
Information Contents of Inflation Indexed Bond Prices
Information Contents of Inflation Indexed Bond Prices - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Information Contents of Inflation Indexed Bond Prices write by Yukinobu Kitamura. This book was released on 2004. Information Contents of Inflation Indexed Bond Prices available in PDF, EPUB and Kindle. In January 1997, the U.S. Treasury started issuing Treasury Inflation-Protection Securities (TIPS; hereafter TIPS and indexed bonds interchangeably) and, as of September 2002, a total of ten issues were being traded on the market, while one issue had already matured. The purpose of this paper is to attempt an evaluation of indexed bonds based on the record of five and a half years of market trading in TIPS, and to present the results as a reference for the issue of similar securities by the Japanese government in the future. The results of this paper are as follows: (1) Real interest rates are relatively stable and remain near the 4% mark. The 30 year bond is even more stable. (2) The expected inflation rate is more closely linked to realized CPI than to the real yield. However, the expected inflation rate is far more stable and its fluctuations smaller. In particular, the 30 year bond is steady, near the 2% mark. (3) While the economic information derived from the 10 year bond is strongly influenced by short-term economic fluctuations, the economic information derived from the 30 year bond is generally unresponsive to short-term economic fluctuations. (4) Examination of the derived information using econometric methods indicates that useful economic information was obtained from the following indexed bonds in the secondary markets: Series Three and Four 10 year bonds. Information included in the expected inflation rate was useful for the Series Three and Four 10 year bonds. Hence, while a total of eleven indexed bonds have been issued, very few of them have proven to be truly useful. These useful bonds turn out to have fair initial conditions, continuous arbitrages with the nominal bonds, and active trades in the secondary markets.
Banks, Government Bonds, and Default
Banks, Government Bonds, and Default - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Banks, Government Bonds, and Default write by Nicola Gennaioli. This book was released on 2014-07-08. Banks, Government Bonds, and Default available in PDF, EPUB and Kindle. We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign default-banking crisis nexus.
Japanese Monetary Policy
Japanese Monetary Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Japanese Monetary Policy write by Kenneth J. Singleton. This book was released on 2007-12-01. Japanese Monetary Policy available in PDF, EPUB and Kindle. How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Financial Markets and the Macroeconomy
Financial Markets and the Macroeconomy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Financial Markets and the Macroeconomy write by Carl Chiarella. This book was released on 2009-06-02. Financial Markets and the Macroeconomy available in PDF, EPUB and Kindle. This important new book from a group of Keynesian, but nonetheless technically-oriented economists explores one of the dominant paradigms in financial economics: the ‘intertemporal general equilibrium approach’.
