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Nonlinear dynamics of interest rate and inflation
Lanne, Markku - EconWPA - 2004
According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can … be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move … the three-month treasury bill rate and inflation share a common nonlinear component that explains a large part of their …
Persistent link: https://www.econbiz.de/10005561249
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The function of the central bank
Stanners, Walter - EconWPA - 2002
The general view of the media, bankers, business and politicians, not noticeably contradicted by academics, is that one of the main functions, or the main function, of the central bank is to analyse the progress of the economy, and then to steer it with skilful judgement towards health and...
Persistent link: https://www.econbiz.de/10005561324
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Equity Returns and Inflation: The Puzzlingly Long Lags
Lothian, James R.; McCarthy, Cornelia H.. - EconWPA - 2001
equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass. …
Persistent link: https://www.econbiz.de/10005124935
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Interest, debt and capital accumulation - a Kaleckian approach
Hein, Eckhard - EconWPA - 2005
In the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model with an investment function very close to Kalecki’s original writings. The effects of interest rate variations on the short-run equilibrium values of capacity utilisation,...
Persistent link: https://www.econbiz.de/10005126210
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THE PRINCIPIUM OF PRICE SYSTEM
Zhai, Xiaozhong - EconWPA - 2005
This book focuses on general theory of price. Price, wage, interest rate, GNP and exchange rate, five factors, are very important not only in economics and economical activity, but also in social and political life. Those five factors are concrete, but also abstract. They belong to different...
Persistent link: https://www.econbiz.de/10005126369
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The Potential Approach to Bond and Currency Pricing
Leippold, Markus; Wu, Liuren - EconWPA - 1999
In this paper, we begin the modeling of bond and currency prices from the modeling of the state-price density satisfying basic properties of a potential. We provide extensive examples and show their implications on bond and currency pricing. Most classic short rate models are special cases of...
Persistent link: https://www.econbiz.de/10005134792
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INTERACTIONS BETWEEN TWO INFORMAL SECTOR LENDERS AND INTEREST RATE DETERMINATION IN THE INFORMAL CREDIT MARKET: A THEORETICAL ANALYSIS
Chaudhuri, Sarbajit - EconWPA - 2005
The paper provides a theory of interest rates determination in the informal credit market in backward agriculture highlighting the interactions between two informal sector lenders (a professional moneylender and a trader-interlocker) and explains the prevalence of different interest rates in the...
Persistent link: https://www.econbiz.de/10005407518
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INTERACTIONS BETWEEN TWO INFORMAL SECTOR LENDERS AND INTEREST RATE DETERMINATION IN THE INFORMAL CREDIT MARKET: A THEORETICAL ANALYSIS
Chaudhuri, Sarbajit - EconWPA - 2005
The paper provides a theory of interest rates determination in the informal credit market in backward agriculture highlighting the interactions between two informal sector lenders (a professional moneylender and a trader-interlocker) and explains the prevalence of different interest rates in the...
Persistent link: https://www.econbiz.de/10005407569
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A learning hypothesis of the term structure of interest rates
Romhányi, Balázs - EconWPA - 2005
Recent empirical results about the US term structure are difficult to reconcile with the classical hypothesis of rational expectations even if time-varying but stationary term premia are allowed for. A hypothesis of rational learning about the conditional variance of the log pricing kernel is...
Persistent link: https://www.econbiz.de/10005412568
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Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model
Hein, Eckhard - EconWPA - 2004
The introduction of monetary variables into post-Keynesian models of distribution and growth is an ongoing process. Lavoie (1995) has proposed a Kaleckian ‘Minsky-Steindl-model’ of distribution and growth, incorporating the effects debt and debt services have on short and long run capital...
Persistent link: https://www.econbiz.de/10005412605