The Cyclical Behavior of the Term Structure of Interest Rates
Author: Reuben A. Kessel
Publisher:
Published: 1965
Total Pages: 132
ISBN-13:
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Author: Reuben A. Kessel
Publisher:
Published: 1965
Total Pages: 132
ISBN-13:
DOWNLOAD EBOOKAuthor: Peter J. N. Sinclair
Publisher: Routledge
Published: 2009-12-16
Total Pages: 402
ISBN-13: 1135179778
DOWNLOAD EBOOKInflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author: Frank Browne
Publisher: [Paris, France] : OECD, Department of Economics and Statistics
Published: 1989
Total Pages: 40
ISBN-13:
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Publisher: Lulu.com
Published: 2004
Total Pages: 294
ISBN-13: 9291316695
DOWNLOAD EBOOKAuthor: Siem Jan Koopman
Publisher: Emerald Group Publishing
Published: 2016-01-08
Total Pages: 685
ISBN-13: 1785603523
DOWNLOAD EBOOKThis volume explores dynamic factor model specification, asymptotic and finite-sample behavior of parameter estimators, identification, frequentist and Bayesian estimation of the corresponding state space models, and applications.
Author: David Meiselman
Publisher:
Published: 1962
Total Pages: 96
ISBN-13:
DOWNLOAD EBOOKAuthor: V.K.Bhalla
Publisher: S. Chand Publishing
Published: 2010-12
Total Pages: 452
ISBN-13: 9788121927024
DOWNLOAD EBOOKFor the students of Management, Commerce, Professional Course of CA, CS, ICWA and Professionals of Financial Institutions. Thirteen chapters on current major areas have been added to provide exhaustive coverage on recent changes in the world financial markets and the changing compositions of the portfolios.
Author: Luís Brandão Marques
Publisher: International Monetary Fund
Published: 2021-03-03
Total Pages: 84
ISBN-13: 1513570080
DOWNLOAD EBOOKThis paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.
Author: Michael D. Bordo
Publisher: University of Chicago Press
Published: 2013-06-28
Total Pages: 545
ISBN-13: 0226066959
DOWNLOAD EBOOKControlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author: Emanuel Kopp
Publisher: International Monetary Fund
Published: 2018-06-15
Total Pages: 22
ISBN-13: 1484363671
DOWNLOAD EBOOKIn 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.