The Macroeconomic Effects of Large-Scale Asset Purchase Programs
... The Macroeconomic Effects of LSAP Programs growth is an increase of 0.13% (annualised), while the posterior median inflation increase is 3 bp (annualised). The corresponding effect on the level of GDP is estimated to be very long lasting—six years after the start of the program the level of GDP is ...
... The Macroeconomic Effects of LSAP Programs growth is an increase of 0.13% (annualised), while the posterior median inflation increase is 3 bp (annualised). The corresponding effect on the level of GDP is estimated to be very long lasting—six years after the start of the program the level of GDP is ...
Inflation-Indexed Securities: Description and Market Experience
... Individual interest in marketable Treasury inflation-indexed securities would appear to be weak, based on recent Treasury auction results and an examination of the Treasury DIRECT database. To date, small savers’ participation in mutual funds based on inflation-indexed bonds has been disappointing. ...
... Individual interest in marketable Treasury inflation-indexed securities would appear to be weak, based on recent Treasury auction results and an examination of the Treasury DIRECT database. To date, small savers’ participation in mutual funds based on inflation-indexed bonds has been disappointing. ...
Chapter 13 Current Liabilities and Contingencies
... It usually is backed by a line of credit with a bank, allowing the interest rate to be lower than in a bank loan. Accounting for commercial paper is exactly the same as for other short-term notes as shown in our previous illustration. ...
... It usually is backed by a line of credit with a bank, allowing the interest rate to be lower than in a bank loan. Accounting for commercial paper is exactly the same as for other short-term notes as shown in our previous illustration. ...
Introduction - I-Board Allied Schools
... During the Great Depression, the Glass-Steagall Act was passed that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities. In addition, before deregulation in the early 1980s, lending institutions were restricted on their a ...
... During the Great Depression, the Glass-Steagall Act was passed that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities. In addition, before deregulation in the early 1980s, lending institutions were restricted on their a ...
Yield Curve Basics
... maturities of the securities are highly concentrated at one point on the yield curve. For example, most of the bonds in a portfolio may mature in 10 years. In a barbell strategy, the maturities of the securities in a portfolio are concentrated at two extremes, such as five years and 20 years. In a ...
... maturities of the securities are highly concentrated at one point on the yield curve. For example, most of the bonds in a portfolio may mature in 10 years. In a barbell strategy, the maturities of the securities in a portfolio are concentrated at two extremes, such as five years and 20 years. In a ...
Contemporaneous Loan Stress and Termination Risk in Please share
... contemporaneous measure of estimated loan-to-value (LTV) and debt service coverage ratio (DSCR) that captures the yearly impact of local market and property sector forces on loan collateral. To the extent that market forces drive actual property LTV and DSCR, these measures should strongly impact t ...
... contemporaneous measure of estimated loan-to-value (LTV) and debt service coverage ratio (DSCR) that captures the yearly impact of local market and property sector forces on loan collateral. To the extent that market forces drive actual property LTV and DSCR, these measures should strongly impact t ...
I_Ch05
... Measuring Investment Returns Over Multiple Periods Geometric average return – The per-period return generating identical compounding performance of a sequence of actual returns – It ignores different amounts of money invested in each period – Thus it is also called a time-weighted average return (r ...
... Measuring Investment Returns Over Multiple Periods Geometric average return – The per-period return generating identical compounding performance of a sequence of actual returns – It ignores different amounts of money invested in each period – Thus it is also called a time-weighted average return (r ...
Monetary Policy Report
... The current global economic downturn is the deepest in the post-war period, in spite of government authorities’ aggressive use of various measures. Key rates have been cut considerably and, in some countries, have been set close to zero. The central banks in the US and the UK are purchasing various ...
... The current global economic downturn is the deepest in the post-war period, in spite of government authorities’ aggressive use of various measures. Key rates have been cut considerably and, in some countries, have been set close to zero. The central banks in the US and the UK are purchasing various ...
THE IMPORTANCE OF THE NUMBER OF DIFFERENT AGENTS IN
... documents how and why these differences in the time-series properties of the amount of cross-sectional wealth dispersion can affect the time-series properties of interest rates, consumption, and bond purchases in asset-pricing models with heterogeneous agents. Not surprisingly, the higher volatility ...
... documents how and why these differences in the time-series properties of the amount of cross-sectional wealth dispersion can affect the time-series properties of interest rates, consumption, and bond purchases in asset-pricing models with heterogeneous agents. Not surprisingly, the higher volatility ...
CENTRAL BANK OF THE REPUBLIC OF TURKEY Durmu YILMAZ
... Global Risks – Public Finance The rapidly increasing budget deficits and public debt stocks resulting from expansionary fiscal policies implemented - especially in developed countries - are important risk factors that can adversely affect private demand by increasing long-term interest rates. ...
... Global Risks – Public Finance The rapidly increasing budget deficits and public debt stocks resulting from expansionary fiscal policies implemented - especially in developed countries - are important risk factors that can adversely affect private demand by increasing long-term interest rates. ...
Money and Velocity During Financial Crises: From the Great
... retreated more rapidly during the Depression: 1929’s premia was rejoined by 1935, while yearend 2013 risk premia remain above pre-crisis lows, albeit near 2002-2003 levels. Our empirical results suggest an important explanatory role of this premia for the behavior of velocity before and after the cr ...
... retreated more rapidly during the Depression: 1929’s premia was rejoined by 1935, while yearend 2013 risk premia remain above pre-crisis lows, albeit near 2002-2003 levels. Our empirical results suggest an important explanatory role of this premia for the behavior of velocity before and after the cr ...
Inflation, Debt, and Default
... However, for a domestic government, debt becomes less attractive in bad times: deflation makes real government obligations larger in recessions, when the government values consumption more. In contrast, the government in the countercyclical economy benefits from the haircut induced by inflation in b ...
... However, for a domestic government, debt becomes less attractive in bad times: deflation makes real government obligations larger in recessions, when the government values consumption more. In contrast, the government in the countercyclical economy benefits from the haircut induced by inflation in b ...
Causes and Consequences of Persistently Low Interest Rates
... global financial markets has probably resulted in additional downward pressure on global real interest rates in recent years. We find less to support the idea that a fall-off in profitable investment opportunities – and thus in the demand for funds to invest – has been a contributory factor over the ...
... global financial markets has probably resulted in additional downward pressure on global real interest rates in recent years. We find less to support the idea that a fall-off in profitable investment opportunities – and thus in the demand for funds to invest – has been a contributory factor over the ...
SUBPriME MOrTGAGE CriSiS iN THE UNiTED STATES iN 2007–2008
... interview most government-insured borrowers in person or maintain physical branch offices. 1997 Taxpayer Relief Exempted most home sales from the capital gains tax, therefore giving people Act greater incentive to plow even more money into real estate. At the same time, the Department of Housing and ...
... interview most government-insured borrowers in person or maintain physical branch offices. 1997 Taxpayer Relief Exempted most home sales from the capital gains tax, therefore giving people Act greater incentive to plow even more money into real estate. At the same time, the Department of Housing and ...
Productivity and economic profits of banks
... performance can be drawn. One important implication of this approach is that the entry of new competitors in a relevant market is not necessarily in the form of new banks opening branches (Jarayatne and Strahan, 1996, Dick 2006), but it may also be by the expansion of the branch network of the exist ...
... performance can be drawn. One important implication of this approach is that the entry of new competitors in a relevant market is not necessarily in the form of new banks opening branches (Jarayatne and Strahan, 1996, Dick 2006), but it may also be by the expansion of the branch network of the exist ...
Interest Rate Policy and the Inflation Scare Problem
... monetary policy since the late 1970s is unique in the postKorean War era in that rising inflation has been reversed and stabilized at a lower rate for almost a decade. The current inflation rate of 3 to 4 percent per year, representing a reduction of 6 percent or so from its 1981 peak, is the result ...
... monetary policy since the late 1970s is unique in the postKorean War era in that rising inflation has been reversed and stabilized at a lower rate for almost a decade. The current inflation rate of 3 to 4 percent per year, representing a reduction of 6 percent or so from its 1981 peak, is the result ...
Form 10-Q - Town Sports International Holdings, Inc.
... 2011 Senior Credit Facility On May 11, 2011, TSI, LLC entered into a $350,000 senior secured credit facility (“2011 Senior Credit Facility”). The 2011 Senior Credit Facility consisted of a $300,000 term loan facility (“2011 Term Loan Facility”) and a $50,000 revolving loan facility (“2011 Revolving ...
... 2011 Senior Credit Facility On May 11, 2011, TSI, LLC entered into a $350,000 senior secured credit facility (“2011 Senior Credit Facility”). The 2011 Senior Credit Facility consisted of a $300,000 term loan facility (“2011 Term Loan Facility”) and a $50,000 revolving loan facility (“2011 Revolving ...
Transmission of Monetary Policy Impulses on Bank
... transfer their stance into the real economy: the policy interest rates and the monetary base. The transmission of interest rate channel is broadly divided into two stages. The first stage is the interest rate pass-through from central bank tools to retail interest rates. The retail interest rates ar ...
... transfer their stance into the real economy: the policy interest rates and the monetary base. The transmission of interest rate channel is broadly divided into two stages. The first stage is the interest rate pass-through from central bank tools to retail interest rates. The retail interest rates ar ...
Interest
Interest is money paid by a borrower to a lender for a credit or a similar liability. Important examples are bond yields, interest paid for bank loans, and returns on savings. Interest differs from profit in that it is paid to a lender, whereas profit is paid to an owner. In economics, the various forms of credit are also referred to as loanable funds.When money is borrowed, interest is typically calculated as a percentage of the principal, the amount owed to the lender. The percentage of the principal that is paid over a certain period of time (typically a year) is called the interest rate. Interest rates are market prices which are determined by supply and demand. They are generally positive because loanable funds are scarce.Interest is often compounded, which means that interest is earned on prior interest in addition to the principal. The total amount of debt grows exponentially, and its mathematical study led to the discovery of the number e. In practice, interest is most often calculated on a daily, monthly, or yearly basis, and its impact is influenced greatly by its compounding rate.