In recent years the issue of the role of asset prices in monetary setting has become increasingly topical since booms and busts in asset market are associated with the fluctuations in overall economic activity through its impacts on aggregate spending. In this study, we use Smooth Transition...

This paper examines the effect of target Federal funds rate changes on major five foreign exchange markets: Canada, Australia, Euro, Japan and the UK during the period from 2000 to 2007. Two different approaches of Rai, Seth and Mohanty (2007) and the event study of Brown and Warner (1980, 1985)...

This article examines the impact of news about the Bank of Japan monetary policy announcements regarding the Japanese yen, US dollar, and the Euro interest rates. Whether or not the announcements from the monetary authorities impact the domestic markets is related to the success of their...

In this paper, we attempt to estimate reaction functions of the Central Bank of the Republic of Turkey (CBRT) based on Taylor rule and Hybrid McCallum-Taylor rule. We apply Generalized Methods of Moments (GMM) and Limited Information Maximum Likelihood (LIML) methods for estimating monetary...

The monetary transmission mechanisms have influence on saving and investment decisions of firms and households by affecting their balance sheets. This study examines the effects of monetary policy through the balance sheet channel (also known as ‘financial accelerator’), which affects net...

This paper attempts to provide an economic interpretation of the factors that drive the movements of interest rates of bonds of different maturities in a continuous-time no-arbitrage term structure model for Chile. The dynamics of yields in the model are explained by two latent factors, namely...

Uncovered interest rate parity (UIRP) provides a crucial theoretical concept for many models in international finance and international monetary economics. Using quarterly data span from 1998Q1 to 2010Q3, we run conventional regressions (OLS) and simple GARCH analysis on UIRP for the case of...

This article makes an analytical comparison between simple, compound and continuous interest discount factors. It studies the equivalency relations between the three discount factors. An analysis is performed for a limited time period and of normal economy interest rates. It makes use of the...

The era of US state branching deregulation started in 1970 and ended up with the enactment of the Riegle Neal Act of 1994. One of the purposes of the branching restriction was to avoid bank concentration. The following paper addresses the influence of the state deregulation on commercial...

This paper analyzes entry deterrence strategies at sequential multi-unit Englishtype repeated auctions, motivated by entry deterrence observed at a series of yearly auctions of fishing rights occurring since the early 1990s in the Chilean Sea Bass industrial fishery. It analyzes parametric...