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Real interest rates and population growth across generations
Fuhrer, Lucas Marc; Herger, Nils - 2022
This paper empirically examines the effect of population growth on real interest rates. Although this effect is well founded in macroeconomic theory, the corresponding empirical results have been rather tenuous. Demographic interest rate theories are typically based on long-term relationships...
Persistent link: https://www.econbiz.de/10014374270
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Fisher's theory of interest rates and the notion of real: a critique
Tymoigne, Éric - 2006
By providing five different criticisms of the notion of real rate, the paper argues that this concept, as Fisher defined it or as a definition, is not relevant to economic analysis. Following Keynes and other post-Keynesians, the article shows that the notion of real rate is microeconomically...
Persistent link: https://www.econbiz.de/10010276900
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A variance decomposition of index-linked bond returns
Breedon, Francis - 2012
We undertake a variance decomposition of index-linked bond returns for the US, UK and Iceland. In all cases, news about future excess returns is the key driver though only for Icelandic bonds are returns independent of inflation.
Persistent link: https://www.econbiz.de/10010280746
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Asset price fluctuations in Japan: 1980 - 2000
Nakajima, Tomoyuki - 2003
A notable feature of the Japanese economy in the last two decades is the large fluctuations in asset prices. We examine whether they can by accounted for by a stochastic growth model with habit persistence and costly capital adjustment. For the real estate price, people’s expectations on the...
Persistent link: https://www.econbiz.de/10010318972
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Equity capital, bankruptcy risk and the liquidity trap
Levintal, Oren - 2011
the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links …
Persistent link: https://www.econbiz.de/10010335985
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Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik
Schnabl, Gunther; Sepp, Tim - 2021
Das Papier untersucht die Veränderung der Sparkultur in Japan während mehr als 30 Jahren Niedrig-, Null- und … Kreditvergabe. Es wird gezeigt, wie durch die anhaltend lockere Geldpolitik der Bank von Japan die Sparkultur in Japan grundlegend …
Persistent link: https://www.econbiz.de/10012608397
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An inquiry concerning Japanese yen interest rate swap yields
Akram, Tanweer; al Mamun, Khawaja Abdullah - 2023
This paper econometrically models Japanese yen (JPY)-denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for several key macroeconomic variables, such as core inflation, the growth of...
Persistent link: https://www.econbiz.de/10014474486
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Japan's liquidity trap
Akram, Tanweer - 2016
Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This … paper examines Japan's liquidity trap in light of the structure and performance of the country's economy since the onset of … understanding Japan's liquidity trap but also for formulating and implementing policies that can overcome the liquidity trap and …
Persistent link: https://www.econbiz.de/10011784652
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A theory of housing demand shocks
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2019
Aggregate housing demand shocks are an important source of house price fluctuations in the standard macroeconomic models, and through the collateral channel, they drive macroeconomic fluctuations. These reduced-form shocks, however, fail to generate a highly volatile price-to-rent ratio that...
Persistent link: https://www.econbiz.de/10012030286
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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng; Wang, Pengfei; Zha, Tao - 2011
We argue that positive comovements between land prices and business investment are a driving force behind the broad impact of land-price dynamics on the macroeconomy. We develop an economic mechanism that captures the comovements by incorporating two key features into a DSGE model: we introduce...
Persistent link: https://www.econbiz.de/10010292308