Monetary Policy, Interest Rate Rules, and the Term Structure of Interest Rates - 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, Interest Rate Rules, and the Term Structure of Interest Rates write by Ralf Fendel. This book was released on 2007. Monetary Policy, Interest Rate Rules, and the Term Structure of Interest Rates available in PDF, EPUB and Kindle. Interest rate rules play an important role in the empirical analysis of monetary policy as well as in modern monetary theory. Besides giving a comprehensive insight into this line of research the study incorporates the term structure of interest rates into interest rate rules. This is performed analytically as well as empirically. In doing so, state of the art techniques of modern finance for the analysis of the term structure of interest rates are introduced into the macroeconomic concept of interest rate rules. The study implies that from the theoretical perspective term structure effects are an important extension of interest rate rules. From an empirical perspective it shows that including term structure effects in interest rate reaction functions improves our understanding of the interest rate setting of the Deutsche Bundesbank and the European Central Bank.
Monetary Policy Rules and the Term Structure of Interest Rates
Monetary Policy Rules and the Term Structure of Interest Rates - 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 Rules and the Term Structure of Interest Rates write by Shu Wu. This book was released on 2000. Monetary Policy Rules and the Term Structure of Interest Rates available in PDF, EPUB and Kindle.
The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period
The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period - 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 The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period write by Jun Nagayasu. This book was released on 2003-10. The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period available in PDF, EPUB and Kindle. This paper empirically evaluates the validity of the term structure of interest rates in a low-interest-rate environment. Applying a time-series method to high-frequency Japanese data, the term-structure model is found to be useful for economic analysis only when interest rates are high. When interest rates are low, the usefulness of the model declines, since the interest spread contains little information that can be used for predicting future economic activity. The term-structure relationship is also weakened by the Bank of Japan's use of interest rate smoothing.
The Long and the Short End of the Term Structure of Policy Rules
The Long and the Short End of the Term Structure of Policy Rules - 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 The Long and the Short End of the Term Structure of Policy Rules write by Josephine M. Smith. This book was released on 2007. The Long and the Short End of the Term Structure of Policy Rules available in PDF, EPUB and Kindle. We first document a large secular shift in the estimated response of the entire term structure of interest rates to inflation and output in the United States. The shift occurred in the early 1980s. We then derive an equation that links these responses to the coefficients of the central bank's monetary policy rule for the short-term interest rate. The equation reveals two countervailing forces that help explain and understand the nature of the link and how its sign is determined. Using this equation, we show that a shift in the policy rule in the early 1980s provides an explanation for the observed shift in the term structure. We also explore a shift in the policy rule in the 2002-2005 period and its possible effect on long-term rates.
TERM STRUCTURE OF INTEREST RATE AND ECONOMIC ACTIVITIES: OECD CASE
TERM STRUCTURE OF INTEREST RATE AND ECONOMIC ACTIVITIES: OECD CASE - 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 TERM STRUCTURE OF INTEREST RATE AND ECONOMIC ACTIVITIES: OECD CASE write by Assist. Prof. Dr. Erkan KARA. This book was released on 2022-11-11. TERM STRUCTURE OF INTEREST RATE AND ECONOMIC ACTIVITIES: OECD CASE available in PDF, EPUB and Kindle. This study is dedicated to investigating the long-run relation between interest rate spreads and economic activities which include industrial production, inflation, and unemployment rate- in OECD countries over the period between2005 and 2015 by using panel data analysis. This study will use the latest panel data models that take structural breaks and cross-sectional dependency into account. Besides using panel data analysis on this issue, this paper will also try to see the effect of new monetary policies that are taking place by major central banks on yield spread and economic activities, especially industrial production. As it is known that, in the post-financial crisis of 2008 period, major central banks such as the Federal Reserve1 (The FED was the first central bank that started to implement new monetary policies just after the collapse of several large-scale investment banks in the U.S), European Central Bank, Bank of Japan and Bank of England, have taken action to stimulate the world economy. Henceforth, not only these major central banks, but also other economies started to lower their policy interest rates soon in conventional way. These policies pushed interest rates almost to zero and since then the rates have remained very low due to lower output level and disinflationary fears.
