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Expectations, Bond Yields and Monetary Policy
Chun, Albert Lee - EconWPA - 2005
Through explicitly incorporating analysts' forecasts as observable factors in a dynamic arbitrage- free model of the yield curve, this paper proposes a framework for studying the impact of shifts in market sentiment on interest rates of all maturities. An empirical examination reveals that...
Persistent link: https://www.econbiz.de/10005076986
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Collateral Constraints in a Monetary Economy
Cordoba, Juan Carlos; Ripoll, Marla - EconWPA - 2003
This paper studies the role of collateral constraints in transforming small monetary shocks into large persistent output fluctuations. We do this by introducing money in the heterogeneous-agent real economy of Kiyotaki and Moore (1997). Money enters in a cash-in-advance constraint and is...
Persistent link: https://www.econbiz.de/10005126270
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Bank interest rates in a small European economy: Some exploratory macro level analyses using Finnish data
Kauko, Karlo - EconWPA - 2005
This paper presents econometric analyses on the determination of bank deposit and lending rates using longitudinal Finnish data. Interest rate pass-through is very strong, possibly complete, in the case of lending rates; in the case of deposit rates the pass-through is far from complete, even in...
Persistent link: https://www.econbiz.de/10005134950
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The CNB’s Policy Decisions – Are They Priced in by the Markets?
Navrátil, David; Kotlán, Viktor - EconWPA - 2005
This paper asks to what extent the market prices in the future monetary policy decisions of the Czech National Bank (CNB), how this policy predictability has evolved over time, and whether the change in the central bank’s forecasting methodology in mid-2002 had any impact. Using a sample up to...
Persistent link: https://www.econbiz.de/10005561116
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Liquidity Trap Prevention and Escape: A Simple Proposition
Cai, Junning - EconWPA - 2004
Liquidity traps occur when the natural nominal interest rate becomes negative. In a model with capital price dynamics explicitly considered, we find that shocks in the future can cause current and lasting liquidity traps. We propose that the central bank can prevent or fix liquidity traps by...
Persistent link: https://www.econbiz.de/10005561118
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SECURITIES MARKETS AND SOCIAL CAPITAL INTEGRATION IN AFRICA: RISKS AND POLICY OPTIONS
NWAOBI, GODWIN - EconWPA - 2005
The need to develop securities market has, following the recent international financial crises, increasingly attracted the attention of national and international policy makers. Never before have developed and developing countries shared such a strong interest in ensuring the stable growth of...
Persistent link: https://www.econbiz.de/10005561601
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The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy
Schnabl, Gunther; Danne, Christian - EconWPA - 2005
This paper studies the role of the yen/dollar exchange rate in the Bank of Japan’s monetary policy reaction function …
Persistent link: https://www.econbiz.de/10005119427
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Trade Liberalization and Heterogeneous Time Preference across Countries: A Possibility of Trade Deficits with China
Harashima, Taiji - EconWPA - 2005
. By this strategy, the country generally accumulates current account surpluses, which implies a possibility that China …
Persistent link: https://www.econbiz.de/10005062616
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Does China have an impact on foreign direct investment to Latin America?
Santabarbara, Daniel; Garcia-Herrero, Alicia - EconWPA - 2005
We analyze empirically whether the emergence of China as a large recipient of FDI has affected the amount of FDI … find a substitution from Latin American inward FDI to China, when other relevant factors are taken into account. However …, concentrating on the last few years (from 1995 to 2001), when FDI boomed worldwide and negotiations for China’s WTO membership …
Persistent link: https://www.econbiz.de/10005062690
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Does China have an impact on foreign direct investment to Latin America?
Garcia-Herrero, Alicia; Santabarbara, Daniel - EconWPA - 2005
We analyze empirically whether the emergence of China as a large recipient of FDI has affected the amount of FDI … find a substitution from Latin American inward FDI to China, when other relevant factors are taken into account. However …, concentrating on the last few years (from 1995 to 2001), when FDI boomed worldwide and negotiations for China’s WTO membership …
Persistent link: https://www.econbiz.de/10005556626