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Kox, Henk. L.M. - EconWPA - 2004

The paper analyses the forces that shape demand and supply processes in the market for cocoa powder. A brief … statistical summary is given of the main trends in international demand and production, and the spatial shifts in cocoa processing … separately analyses the role of price, income levels and government regulation in the demand for cocoa powder. In the final part …

Persistent link: https://www.econbiz.de/10005076863

Education, incomes, poverty and inequality in Ghana in the 1990s

Teal, Francis - EconWPA - 2004

consumption and incomes grew in Ghana in the 1990s. Second, we ask how much of the rise in incomes was due to rises in the level …

Persistent link: https://www.econbiz.de/10005407717

Books, Buildings and Learning Outcomes: an impact evaluation of World Bank assistance to basic education in Ghana

White, Howard; Masset, Edoardo - EconWPA - 2005

This paper demonstrates that the delivery of hardware inputs to Ghana’s basic education system – building classrooms …’s support for school building has been a major factor behind Ghana being on track to achieve the Millennium Development Goal of … that little learning can take place. Special attention needs to be paid to these least-privileged schools if Ghana is to …

Persistent link: https://www.econbiz.de/10005407725

Rational and Biased Trust

Barr, Abigail - EconWPA - 2004

This paper investigates whether expectations of trustworthiness and resulting acts of trust accord with an objective model of trustworthiness or are biased. Combining experimental and survey data, I find that Ghanaian workers appropriately take account of the religiousness of trustees, but...

Persistent link: https://www.econbiz.de/10005118769

Dynamic Risk Profile of the US Term Structure by Wavelet MRA

JAMDEE, SUTTHISIT; LOS, CORNELIS A. - EconWPA - 2004

A careful examination of interest rate time series from different U.S. Treasury maturities by Wavelet Multiresolution Analysis (MRA) suggests that the first differences of the term structure of interest rate series are periodic or, at least, cyclic, non-stationary, long-term dependent, in...

Persistent link: https://www.econbiz.de/10005125063

Term Structure of Interest Rates, Yield Curve Residuals, and the Consistent Pricing of Interest Rates and Interest Rate Derivatives

Heidari, Massoud; Wu, Liuren - EconWPA - 2002

Dynamic term structure models (DTSMs) price interest rate derivatives based on the model implied fair values of the yield curve, ignoring any pricing residuals on the yield curve that are either from model approximations or market imperfections. In contrast, option pricing in practice often...

Persistent link: https://www.econbiz.de/10005134665

Are Interest Rate Derivatives Spanned by the Term Structure of Interest Rates?

Heidari, Massoud; WU, Liuren - EconWPA - 2002

We investigate whether the same finite dimensional dynamic system spans both interest rates (the yield curve) and interest rate options (the implied volatility surface). We find that the options market exhibits factors independent of the underlying yield curve. While three common factors are...

Persistent link: https://www.econbiz.de/10005134877

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...

Persistent link: https://www.econbiz.de/10005412621

Phenomenology of the interest curve

BOUCHAUD, Jean-Philippe; CONT, Rama; KAROUI, Nicole EL; … - EconWPA - 1997

This paper contains a statistical description of the whole U.S. forward rate curve (FRC), based on data from the period 1990-1996. We find that the average deviation of the FRC from the spot rate grows as the square- root of the maturity, with a proportionality constant which is comparable to...

Persistent link: https://www.econbiz.de/10005413172

Estimating the Volatility Structure of an Arbitrage-Free Interest Rate Model Via the Futures Markets

Bhar, Ram; Chiarella, Carl; To, Thuy-Duong - EconWPA - 2004

This paper considers a class of Heath-Jarrow-Morton (1992) term structure models, characterized by time deterministic volatilities for the instantaneous forward rate. The bias that arises from using observed futures yields as a proxy for the unobserved instantaneous forward rate is analyzed. The...

Persistent link: https://www.econbiz.de/10005413218