RTF - North Carolina General Assembly
... determine, and provision may be made for the registration of any coupon bonds or notes as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds or notes of any bonds or notes registered as to both principal and interest, and for the interchange of ...
... determine, and provision may be made for the registration of any coupon bonds or notes as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds or notes of any bonds or notes registered as to both principal and interest, and for the interchange of ...
Inflation, Debt, and Default
... and finally becomes positive in the most recent sample (1994–2015). If inflation co-varies positively with domestic consumption growth, then returns on domestic nominal debt are high (low) when consumption growth is low (high). This feature makes domestic nominal bonds less risky from a domestic inv ...
... and finally becomes positive in the most recent sample (1994–2015). If inflation co-varies positively with domestic consumption growth, then returns on domestic nominal debt are high (low) when consumption growth is low (high). This feature makes domestic nominal bonds less risky from a domestic inv ...
PDF file
... nominal interest rate do not have a long-run effect on labor or the growth rate of GDP, as is implied from the theoretical framework. In addition, we assume that changes in the aggregate supply do not have a long-run effect on labor supply. The Þfth restriction is imposed by assuming the quantitative ...
... nominal interest rate do not have a long-run effect on labor or the growth rate of GDP, as is implied from the theoretical framework. In addition, we assume that changes in the aggregate supply do not have a long-run effect on labor supply. The Þfth restriction is imposed by assuming the quantitative ...
NBER WORKING PAPER SERIES THE BARNETT CRITIQUE AFTER THREE DECADES:
... measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of tastes and technologies an exact aggregate of monetary services is well-defined and observable. Hence, the results presented in section 3 can confirm that Barnett’s critique applies q ...
... measure alone was used in empirical work, the current paper shows that, with a model fully-specified at the level of tastes and technologies an exact aggregate of monetary services is well-defined and observable. Hence, the results presented in section 3 can confirm that Barnett’s critique applies q ...
Global Fixed Income Weekly
... inflation at a time when inflation from imported core goods seems to be bottoming. This suggests that inflation for core goods and services is likely to stabilize first and then recover slowly over the course of the year, pushing core CPI YoY towards 1.9% from 1.7% currently. However, core CPI could ...
... inflation at a time when inflation from imported core goods seems to be bottoming. This suggests that inflation for core goods and services is likely to stabilize first and then recover slowly over the course of the year, pushing core CPI YoY towards 1.9% from 1.7% currently. However, core CPI could ...
1 Too Low for Too Long Interest Rates, Bank Risk Taking and Bank
... of three forces: interest rate pass-through risk shifting and leverage. The model differentiates the impact of interest rates on bank risk taking according to the degree of bank’s capitalization. When capital is endogenously determined, and when banks can adjust their capital holdings in response to ...
... of three forces: interest rate pass-through risk shifting and leverage. The model differentiates the impact of interest rates on bank risk taking according to the degree of bank’s capitalization. When capital is endogenously determined, and when banks can adjust their capital holdings in response to ...
Inflation Targeting in South Africa: A VAR Analysis
... to the CPI and the exchange rate. Therefore, if automatic stabilisation is important, the correlation between the CPI and exchange rate shocks should be negative and the correlation between output and exchange rate shocks should be small or negative. If the exchange rate is less than perfectly flexi ...
... to the CPI and the exchange rate. Therefore, if automatic stabilisation is important, the correlation between the CPI and exchange rate shocks should be negative and the correlation between output and exchange rate shocks should be small or negative. If the exchange rate is less than perfectly flexi ...
Decomposing Sources of Inflation
... to one-day repurchase rate. The data used is adjusted for this change and it is in yearly differenced. The lagged policy rate is included to represent instrument smoothing as seen in Mohanty and Klau (2004), McCauley and Klau(2006), and Mehrotra and Sanchez-Fung (2011). Manufacturing production inde ...
... to one-day repurchase rate. The data used is adjusted for this change and it is in yearly differenced. The lagged policy rate is included to represent instrument smoothing as seen in Mohanty and Klau (2004), McCauley and Klau(2006), and Mehrotra and Sanchez-Fung (2011). Manufacturing production inde ...
Monetary Policy Interim Report
... The g lobal economic environment is adverse. GDP growth across the world in 2012 has been slowing. In the euro area, GDP is expected to contract by 0.4% this year, while projections for 2013 point to only a marginal recovery in the euro area in the face of a very limited pick-up in global GDP growth ...
... The g lobal economic environment is adverse. GDP growth across the world in 2012 has been slowing. In the euro area, GDP is expected to contract by 0.4% this year, while projections for 2013 point to only a marginal recovery in the euro area in the face of a very limited pick-up in global GDP growth ...
1 How was the Quantitative Easing Program of the 1930s Unwound
... holding the gold would then sell the gold to the Federal Reserve Bank of New York on behalf of the Treasury in exchange for credit to banks’ reserve accounts. These funds could be used to purchase securities or make loans or remain at the Fed as excess reserves. Through this process, monetary gold i ...
... holding the gold would then sell the gold to the Federal Reserve Bank of New York on behalf of the Treasury in exchange for credit to banks’ reserve accounts. These funds could be used to purchase securities or make loans or remain at the Fed as excess reserves. Through this process, monetary gold i ...
How Heterodox Is the Heterodoxy of the Monetary
... demand for money arises in everybody and money acquires its own value, even when its material substance would be devoid of value 20 . Hence, the logical consequence that any object or any sign is able in principle to act as money - gold, bank deposits or, according to a contemporary Cartalist like G ...
... demand for money arises in everybody and money acquires its own value, even when its material substance would be devoid of value 20 . Hence, the logical consequence that any object or any sign is able in principle to act as money - gold, bank deposits or, according to a contemporary Cartalist like G ...
Inflation, Deflation and All That
... cause for much more concern than crossing the 2 per cent line would be in the other imaginary economy here. At least, that is so provided that the drop is temporary, and that expectations about future price changes remain well-anchored at a bit above zero. But what happens when expectations about on ...
... cause for much more concern than crossing the 2 per cent line would be in the other imaginary economy here. At least, that is so provided that the drop is temporary, and that expectations about future price changes remain well-anchored at a bit above zero. But what happens when expectations about on ...
Università degli Studi di Milano Dipartimento di Economia Politica e
... correlated to nominal output growth help to stabilize the debt ratio, thus reducing the risk that it will grow above target. On the other hand, the case for short-term debt weakens as the conditional variance of the short-term interest rate increases, thus producing unnecessary fluctuations in inte ...
... correlated to nominal output growth help to stabilize the debt ratio, thus reducing the risk that it will grow above target. On the other hand, the case for short-term debt weakens as the conditional variance of the short-term interest rate increases, thus producing unnecessary fluctuations in inte ...
- TestbankU
... conditions in each market. As funds leave a country with low interest rates, this places upward pressure on that country’s interest rates. The international flow of funds caused this type of reaction. 14. Impact of War. A war tends to cause significant reactions in financial markets. Why would a war ...
... conditions in each market. As funds leave a country with low interest rates, this places upward pressure on that country’s interest rates. The international flow of funds caused this type of reaction. 14. Impact of War. A war tends to cause significant reactions in financial markets. Why would a war ...
A Model of Monetary Policy and Risk Premia
... A low liquidity premium decreases the cost of taking leverage and hence increases risk taking, which reduces risk premia and the cost of capital in the economy. Our model features an economy populated by two types of agents who differ in their risk aversion. We think of the more risk tolerant agents ...
... A low liquidity premium decreases the cost of taking leverage and hence increases risk taking, which reduces risk premia and the cost of capital in the economy. Our model features an economy populated by two types of agents who differ in their risk aversion. We think of the more risk tolerant agents ...
A Dynamic Model of Aggregate Demand and Aggregate Supply
... • The dynamic model of aggregate demand and aggregate supply (DAD-DAS) determines both – real GDP (Y), and – the inflation rate (π) ...
... • The dynamic model of aggregate demand and aggregate supply (DAD-DAS) determines both – real GDP (Y), and – the inflation rate (π) ...
R e s e r v e B... Vo l u m e 6 5 ... C o n t e n t s
... The Taylor rule is a simple formula devised to mimic the United States Federal Reserve’s interest rate decisions and is thought to perform well in the United States. It is based on relationships between the output gap, neutral real interest rates and the extent to which actual inflation has departed ...
... The Taylor rule is a simple formula devised to mimic the United States Federal Reserve’s interest rate decisions and is thought to perform well in the United States. It is based on relationships between the output gap, neutral real interest rates and the extent to which actual inflation has departed ...
Efficient policy rule for Inflation Targeting in Colombia
... The response of monetary policy to macroeconomic shocks helps determine how large the effects on real output or inflation will be. For example, suppose that the economy is in a state where real output equals potential output and inflation is steady, and suppose that there is an upward demand shock. ...
... The response of monetary policy to macroeconomic shocks helps determine how large the effects on real output or inflation will be. For example, suppose that the economy is in a state where real output equals potential output and inflation is steady, and suppose that there is an upward demand shock. ...
Do we need big banks? Evidence on performance, strategy and
... Our main results are as follows. A bank’s rate of return on assets is shown to increase with its absolute size, but to decline with its systemic size. Bank risk in turn increases with absolute size, and appears to be largely unaffected by systemic size. A bank’s absolute size thus represents a trade ...
... Our main results are as follows. A bank’s rate of return on assets is shown to increase with its absolute size, but to decline with its systemic size. Bank risk in turn increases with absolute size, and appears to be largely unaffected by systemic size. A bank’s absolute size thus represents a trade ...
Result of Tender Offer for Bonds Pareto Securities AS
... which such offer, solicitation or sale would be unlawful. The Tender Offer is made solely pursuant to the terms thereof as reflected herein and in the Bondholders Offer Form dated 22 June 2016. This announcement must be read in conjunction with the Bondholder Offer Form. This announcement and the Bo ...
... which such offer, solicitation or sale would be unlawful. The Tender Offer is made solely pursuant to the terms thereof as reflected herein and in the Bondholders Offer Form dated 22 June 2016. This announcement must be read in conjunction with the Bondholder Offer Form. This announcement and the Bo ...
chapter 10 money
... good for another inefficient in the modern world. Money was invented to facilitate exchange. Money serves three functions. It is a medium of exchange, a measure of value, and a store of value. What properties must money have? It must be durable, portable, divisible, homogeneous, and be relatively sc ...
... good for another inefficient in the modern world. Money was invented to facilitate exchange. Money serves three functions. It is a medium of exchange, a measure of value, and a store of value. What properties must money have? It must be durable, portable, divisible, homogeneous, and be relatively sc ...
Economics of Money, Banking, and Financial Markets, 8e
... 4) The monetarist-Keynesian debate on the importance of monetary policy is unresolved because monetarists and Keynesians focus on two different types of evidence that generate conflicting conclusions. Monetarists tend to focus on A) structural-model evidence, while Keynesians focus on reduced-form e ...
... 4) The monetarist-Keynesian debate on the importance of monetary policy is unresolved because monetarists and Keynesians focus on two different types of evidence that generate conflicting conclusions. Monetarists tend to focus on A) structural-model evidence, while Keynesians focus on reduced-form e ...
Interest Rate Conundrums in the Twenty-First Century
... the greater high-frequency excess sensitivity and lower-frequency decoupling between shortand long-term rates that we observe since 2000. Specifically, this pattern emerges naturally if shocks to short-term nominal rates have become slightly less persistent (say, because longrun inflation expectatio ...
... the greater high-frequency excess sensitivity and lower-frequency decoupling between shortand long-term rates that we observe since 2000. Specifically, this pattern emerges naturally if shocks to short-term nominal rates have become slightly less persistent (say, because longrun inflation expectatio ...