Las principales propuestas de reforma del marco de política fiscal de la Unión Europea inciden en tres bloques de cuestiones: i) simplificación de las reglas, para dotarlas de mayor transparencia y flexibilidad; ii) incorporación de nuevos instrumentos supranacionales de compartición de...

Las principales propuestas de reforma del marco de política fiscal de la Unión Europea inciden en tres bloques de cuestiones: i) simplificación de las reglas, para dotarlas de mayor transparencia y flexibilidad; ii) incorporación de nuevos instrumentos supranacionales de compartición de...

The paper reconsiders the role of money and banking in monetary policy analysis by including a banking sector and money in an optimizing model otherwise of a standard type. The model is implemented quantitatively, with a calibration based on US data. It is reasonably successful in providing an...

This study investigates the effectiveness of monetary and fiscal policies in the US by employing cointegration and a quatrovariate Vector Error Correction Model together with Granger causality tests. Two models are estimated: (i) nominal national income, the ten-year government bond yield, and...

This paper reports results of a test of money demand and supply as predicted by recent studies applied to small economies with greater openness to external factors. These results suggest that the short- and long-run money balances are determined by both the interest rate policies as well as the...

Transparency and openness of the monetary policymaking process at the Bank of England has provided very detailed information on both the decisions of individual members of the Monetary Policy Committee and the information on which they are based. We consider this decision making process in the...

An overview of modern and historical interest rate model theory is given with thespecific aim of derivative pricing. A variety of stochastic interest rate models arediscussed within a South African market context. The various models arecompared with respect to characteristics such as mean...

The process of international interest rate convergence for arbitrary terms (represented by the term structure of interest rate differentials) is derived in a model of a small open economy which faces a purely time-contingent exchange rate regime switch from flexible to fixed rates. Special...

Periodically, events occur in the domestic and global economies that remind agriculturaleconomists that macroeconomics matter. This was evident in the early 1980s when theFederal Reserve responded to double-digit inflation by driving interest rates to post–World War II period highs. The Asian...

This paper provides an empirical description of the behaviour of excess returns on UK government discount bonds interms of risk factors such as the forward premium, the slope of the term structure, dividend yields and excess stockreturns. We identify the existence of a time-varying term...