short interest rates and an inflation target was announced. This paper uses daily option prices to estimate how the market …’s probability distribution of the future Deutsche mark/sterling exchange rate and UK and German interest rates changed over the …

-term interest rates to the operating procedures of these countries’ central banks. We find that many of the key behavioural features … procedures and intervention styles play a crucial role in shaping empirical features of short-term interest rates’ day …

how central bank preferences (and thereby monetary policy) affect the relation between nominal interest rates, inflation … expectations, and real interest rates. The benchmark parameters, including the Federal Reserve Bank’s loss function parameters, are …

prices for monetary policy purposes. Traditionally, interest rates and forward exchange rates have been used to extract … expected means of future interest rates, exchange rates and inflation. More recently, these methods have been refined to rely … on implied forward interest rates, so as to extract expected future time-paths. Very recently, methods have been designed …

How and why do politicians’ preferences about monetary policy differ from the interest rates set by independent central … interest rates. Three factors explain the different preferences. First, politicians put relatively less weight on inflation …

of government default; second that a substantial part of the high level of interest rates in 1925 can be explained by … price rise, since implied five-year interest rates were lower than 20% and since the expected value of the franc was not as … interest rates, so that no independent effect of fiscal policy was expected. …

This article examines the dynamic relationship between two key US money market interest rates – the federal funds rate … these two rates that is remarkably stable across monetary policy regimes of interest rate and monetary aggregate targeting … existence of significant asymmetries and non-linearities in interest rate dynamics that have implications for the conventional …

Spanish sub-central governments paid fixed interest rate premiums over their national governments which became smaller after …

lending practice. We use randomized interest rates, offered across 80 regions by Mexico’s largest microlender, to identify a …