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Wray, L. Randall - 2011

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private...

Persistent link: https://www.econbiz.de/10010281714

The coming US interest rate tightening cycle: Smooth sailing or stormy waters?

Arteta, Carlos Ó.; Kose, M. Ayhan; Ohnsorge, Franziska; … - 2015

The U.S. Federal Reserve (Fed) is expected to start raising policy interest rates in the near term and thus commence a tightening cycle for the first time in nearly a decade. The taper tantrum episode of May-June 2013 is a reminder that even a long anticipated change in Fed policies can trigger...

Persistent link: https://www.econbiz.de/10011440126

An analysis of UK swap yields

Akram, Tanweer; Mamun, Khawaja - 2022

bond yield. This paper investigates whether Keynes's claim holds for the yields of spread products and over …

Persistent link: https://www.econbiz.de/10014322576

The impact of Covid-19 related policy responses on municipal debt markets

Bernhardt, Robert; D'Amico, Stefania; Sordo Palacios, … - 2021

Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic …

Persistent link: https://www.econbiz.de/10012888648

Central clearing and systemic liquidity risk

King, Thomas; Nesmith, Travis D.; Paulson, Anna Louise; … - 2019

By stepping between bilateral counterparties, a central counterparty (CCP) transforms credit exposure. CCPs generally improve financial stability. Nevertheless, large CCPs are by nature concentrated and interconnected with major global banks. Moreover, although they mitigate credit risk, CCPs...

Persistent link: https://www.econbiz.de/10012429406

Endogenous money and the natural rate of interest: The reemergence of liquidity preference and animal spirits in the post-Keynesian theory of capital markets

Pilkington, Philip - 2014

Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...

Persistent link: https://www.econbiz.de/10010513071

The implied volatility of U.S. interest rates: evidence from callable U. S. Treasuries

Bliss, Robert R.; Ronn, Ehud I. - 1995

callable-bond valuation and documents the optimality of the Treasury's past call policy for U.S. government obligations. …

Persistent link: https://www.econbiz.de/10010397557

Gambling for dollars: Strategic hedge fund manager investment

Bernhardt, Dan; Nosal, Ed - 2013

Hedge fund managers differ in ability and investors want to distinguish good ones from bad. Via the design of their … hedge fund manager's ability and that returns be bounded from below, and solve for the set of equilibria that emerge. We … a cutoff standard for providing capital to a hedge fund: and invest if and only if returns exceed this cutoff. This …

Persistent link: https://www.econbiz.de/10010352178

A simultaneous equations analysis of analysts’ forecast bias and institutional ownership

Ackert, Lucy F.; Athanassakos, George - 2000

In this paper we use a simultaneous equations model to examine the relationship between analysts' forecasting decisions and institutions' investment decisions. Neglecting their interaction results in model misspecification. We find that analysts' optimism concerning a firm's earnings responds...

Persistent link: https://www.econbiz.de/10010397439

Empirical tests of two state-variable HJM models

Bliss, Robert R.; Ritchken, Peter - 1995

Models for pricing interest rate claims, developed under the Heath-Jarrow-Morton paradigm, differ according to the volatility structure imposed on forward rates. For most general HJM structures the resultant path dependence creates implementation problems. Ritchken and Sankarasubramanian have...

Persistent link: https://www.econbiz.de/10010397413

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