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The Information Content of German Discount Rate Changes
Neumann, Manfred J.M.; Weidmann, Jens - EconWPA - 1997
Discount rate changes always receive considerable attention in financial markets. Two hypotheses compete to explain financial market reactions: the direct ‘borrowing cost effect’ and the announcement effect. This paper examines the issue for the Bundesbank’s discount rate changes after...
Persistent link: https://www.econbiz.de/10005126367
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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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Evolution as Learning Yields Hyperbolic Discounting
Woods, James - EconWPA - 2003
decrease, known as hyperbolic discounting, is consistent with what is observed in psychology studies, while the limiting case …, exponential discounting, is consistent with market level observations. This model closes the gap between individual and market … level observations of discounting behavior without explicitly assuming the two kinds of discounting nor relying on …
Persistent link: https://www.econbiz.de/10005125641
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Acturial Adjustment Aspects of Public Pension Schemes
Galuscak, Kamil - EconWPA - 2001
.S. pension scheme, that discounting plays a crucial role, since the formula for the present discounted value of future retirement … at least 25% greater than it is in the case when discounting is neglected. Moreover when accouting for risk aversion …
Persistent link: https://www.econbiz.de/10005408311