Showing 1 - 10 of 819
Persistent link: https://www.econbiz.de/10014566451
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to...
Persistent link: https://www.econbiz.de/10013482643
Persistent link: https://www.econbiz.de/10009690481
allow money-demand shocks to generate volatility in output and inflation, much as was the case under the money …
Persistent link: https://www.econbiz.de/10012159954
Persistent link: https://www.econbiz.de/10012431603
inflation. Dividend strip returns are predictable, and the predictive power decreases with maturity as a result of predictable …
Persistent link: https://www.econbiz.de/10013193433
mechanism for inflation targeting policy. It accounts for the COPOM rotation to examine COPOM's policy credibility. The … about the long run effects. The SVAR results suggest that the turnover of the COPOM board of directors affects inflation … increase their expectations about inflation, resulting in increases of the rate of change of the interest rate level. This …
Persistent link: https://www.econbiz.de/10011864874
Persistent link: https://www.econbiz.de/10012219141
Persistent link: https://www.econbiz.de/10014330407
Cochrane and Piazzesi (2005) show that (i) lagged forward rates improve the predictability of annual bond returns, adding to current forward rates, and that (ii) a Markovian model for monthly forward rates cannot generate the pattern of predictability in annual returns. These results stand as a...
Persistent link: https://www.econbiz.de/10010344936