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The Term Structure of Interest Rates and Future Inflation
Kotlán, Viktor - EconWPA - 2000
Expected inflation is a major decision factor of various economic agents. Since expected inflation is not directly … observable, economists have been seeking ways of extracting market’s inflation expectations from observable variables. One of the … most reliable sources of inflation expectations is the term structure of interest rates. This paper presents the …
Persistent link: https://www.econbiz.de/10005412621
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Phenomenology of the interest curve
BOUCHAUD, Jean-Philippe; CONT, Rama; KAROUI, Nicole EL; … - EconWPA - 1997
a proportionality constant which is comparable to the spot rate volatility. This suggests that forward rate market … volatility `hump' around one year found by several authors (and which we confirm). Finally, the number of independent components …
Persistent link: https://www.econbiz.de/10005413172
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THE WAGE-PRICE CONTROL EXPERIMENT--DID IT WORK?
Feige, Edgar L.; Pearce, Douglas K. - EconWPA - 2004
controls were essentially ineffective in reducing inflation. …
Persistent link: https://www.econbiz.de/10005561070
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Do Small and Medium-Sized Enterprises Stabilize Employment? Theoretical Considerations and Evidence from Germany
Fendel, Ralf; Frenkel, Michael - EconWPA - 1996
The hypothesis that the behavior of firms in adjusting the number of their employees along a business cycle depends on the size of the firms has often been mentioned in the literature. Several authors argue that small and medium sized enterprises are more hesitant in hiring additional employees...
Persistent link: https://www.econbiz.de/10005135008
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New Trade Theory Takes Over Monetary Theory
Gani, M - EconWPA - 2004
Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that money has nothing to do with traded output, but...
Persistent link: https://www.econbiz.de/10005408069
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Interest-rate risk in the Indian banking system
Patnaik, Ila; Shah, Ajay - EconWPA - 2005
Many observers have expressed concerns about the impact of a rise in interest rates upon banks in India. In this paper, we measure the interest rate risk of a sample of major banks in India, using two methodologies. The first consists of estimating the impact upon equity capital of certain...
Persistent link: https://www.econbiz.de/10005076665
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Pricing Convertible Bonds with Interest Rate, Equity, Credit and FX Risk
Yigitbasioglu, Ali Bora - EconWPA - 2002
synthetic asset, the foreign equity in domestic currency, is employed to obtain the implied volatility for these options. These … implied volatilities are then used to obtain the local volatility for use in the numerical routine. The model is designed to …
Persistent link: https://www.econbiz.de/10005134807
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STOCK MARKET VALUATION IN THE UNITED STATES
BISCIARI, Patrick; DURRE, Alain; NYSSENS, Alain - EconWPA - 2003
This paper gives an overview of some issues related to market aluation, focusing on the developments on the New York equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and 31 December 2002 is situated in a very long term...
Persistent link: https://www.econbiz.de/10005125064
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Modelling Possible Impacts of GM Crops on Australian Trade
Stone, Susan; Matysek, Anna; Dolling, Andrew - EconWPA - 2003
This paper looks at the impact on Australia’s trade in crops (non-wheat grains and oilseeds) where GM technology has been introduced. The model includes assumptions about the productivity gains of GM crops, possible consumer responses and regulatory costs for Australia and its major trading...
Persistent link: https://www.econbiz.de/10005407855
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Monetary Transmission in the Euro Area: A Factor Model Approach
Sala, Luca - EconWPA - 2002
This paper studies the transmission of common monetary shocks across European countries by using a dynamic factor model (Forni-Reichlin (1998)). This technique allows to extract the common European monetary shock and to compute country-specific responses. Our identification employs rotations of...
Persistent link: https://www.econbiz.de/10005076808