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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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The inflation-productivity trade-off revisited
Bitros, George C.; Panas, Epameinondas E. - EconWPA - 2005
acceleration of inflation from 1964- 1972 to 1973-1980 reduced total factor productiv-ity growth in a way that was both … our surprise, we find that the inflation-productivity trade-off prevails even in the long run. And, fi-nally, regarding … inflation to productivity. On these grounds we conclude that for a precise estimation of the relationship under consideration it …
Persistent link: https://www.econbiz.de/10005126201
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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
new economic stu-dent. CONTENTS: 1,PRODUCTIVE FORCE OR PRODUCTIVITY 2,FUCTIONAL VALUE OF PRODUCT 3,FUNCTIONAL EXCHANGEABLE …
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
rate of the moneylender but may lower the welfare of the farmers and the agricultural productivity. In this context, an … been found that a credit subsidy policy under the new system is able to raise the agricultural productivity and improve 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
rate of the moneylender but may lower the welfare of the farmers and the agricultural productivity. In this context, an … been found that a credit subsidy policy under the new system is able to raise the agricultural productivity and improve 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