Monetary Policy, Imperfect Information and the Expectations Channel
... hypothesis as the benchmark model of expectations formation. Thus, to make stabilization possible, the central bank must create some inflation surprise to cheat on private expectations. There are two different readings of rational expectations. The first is statistical and implies that, when agents ...
... hypothesis as the benchmark model of expectations formation. Thus, to make stabilization possible, the central bank must create some inflation surprise to cheat on private expectations. There are two different readings of rational expectations. The first is statistical and implies that, when agents ...
June 2014 | No. 90 A TAYLOR RULE FOR FISCAL POLICY IN A
... interest rates in the US were ’too low for too long’in the pre-crisis years. In the case of Denmark, however, given the …xed exchange rate, monetary policy can not be conducted through a Taylorrule. Instead, as argued above, economic stabilisation must be obtained through other policies, in particul ...
... interest rates in the US were ’too low for too long’in the pre-crisis years. In the case of Denmark, however, given the …xed exchange rate, monetary policy can not be conducted through a Taylorrule. Instead, as argued above, economic stabilisation must be obtained through other policies, in particul ...
Do Cash Flows of Growth Stocks Really Grow Faster?
... but suggest that their finding is consistent with conventional wisdom, and that their results are driven by the fact that value stocks have higher capital gains. I show that cash-flow growth rates of buy-and-hold portfolios are often higher in value stocks. Relative to all these papers, I illustrate t ...
... but suggest that their finding is consistent with conventional wisdom, and that their results are driven by the fact that value stocks have higher capital gains. I show that cash-flow growth rates of buy-and-hold portfolios are often higher in value stocks. Relative to all these papers, I illustrate t ...
1/N and Long Run Optimal Portfolios
... worse than that of simpler strategies such as equally weighting all available asset classes (a strategy that we call here “1 ”). Recently, DeMiguel, Garlappi, and Uppal (2009a, henceforth DGU) have reported that the 1 strategy consistently outperforms almost every optimizing model they scrutiniz ...
... worse than that of simpler strategies such as equally weighting all available asset classes (a strategy that we call here “1 ”). Recently, DeMiguel, Garlappi, and Uppal (2009a, henceforth DGU) have reported that the 1 strategy consistently outperforms almost every optimizing model they scrutiniz ...
An Overview of Fee Structures in Real Estate Funds and Their
... management of most core funds are significantly larger; consequently, (base) fees and costs for core funds tend to be significantly lower than those found in non-core funds. Another dimension is the experience of the investment manager. Because the ex ante selection of an investment manager is frau ...
... management of most core funds are significantly larger; consequently, (base) fees and costs for core funds tend to be significantly lower than those found in non-core funds. Another dimension is the experience of the investment manager. Because the ex ante selection of an investment manager is frau ...
BASE PROSPECTUS CETELEM ČR, a.s. Five
... of the Act No. 190/2004 Coll., on Bonds, as amended (the Bonds Act), the bonds will be issued under a bond programme (the Bond Programme or the Programme) launched by CETELEM ČR, a.s., with its registered office at Prague 5, Karla Engliše 5/3208, Postal Code 150 00, Identification No. 250 85 689, Cz ...
... of the Act No. 190/2004 Coll., on Bonds, as amended (the Bonds Act), the bonds will be issued under a bond programme (the Bond Programme or the Programme) launched by CETELEM ČR, a.s., with its registered office at Prague 5, Karla Engliše 5/3208, Postal Code 150 00, Identification No. 250 85 689, Cz ...
Derivatives and the Modern Prudent Investor Rule: Too Risky or Too Necessary?
... and was the precursor to the RESTATEMENT (THIRD) OF TRUSTS (1990). Id. at 42–45. At the same time, other states, prior to the 1990 Restatement’s creation, applied the Restatement (Second) of Trusts which represented a more constrained and inflexible standard for fiduciary investing. Id. at 45. 8 Aal ...
... and was the precursor to the RESTATEMENT (THIRD) OF TRUSTS (1990). Id. at 42–45. At the same time, other states, prior to the 1990 Restatement’s creation, applied the Restatement (Second) of Trusts which represented a more constrained and inflexible standard for fiduciary investing. Id. at 45. 8 Aal ...
146_Macroeconomics_10th_Edition
... The future is always uncertain. But at some times, and now is one such time, the range of possible near-future events is enormous. The major source of this great uncertainty is economic policy. There is uncertainty about the way in which international trade policy will evolve as protectionism is ret ...
... The future is always uncertain. But at some times, and now is one such time, the range of possible near-future events is enormous. The major source of this great uncertainty is economic policy. There is uncertainty about the way in which international trade policy will evolve as protectionism is ret ...
Form 10-Q - Lionsgate
... This report includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward lo ...
... This report includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward lo ...
Giaimo v Vitale (2011 NY Slip Op 50714(U)) Page 1 of 22
... Esposito then testified to her capitalization rate and analysis, the rate that is applied to net operating income will result in the market value for the subject property. As an example, the 43-49 First Avenue property had a “cap rate” of five percent (5.0). Esposito opines that cap rate was derived ...
... Esposito then testified to her capitalization rate and analysis, the rate that is applied to net operating income will result in the market value for the subject property. As an example, the 43-49 First Avenue property had a “cap rate” of five percent (5.0). Esposito opines that cap rate was derived ...
Testing stabilisation policy limits in a small open policy forum
... sharp rise in household debt levels may have increased the vulnerability of the household sector to a fall in house prices, particularly if accompanied by a significant increase in unemployment levels. If large enough, in combination these shocks could potentially pose a systematic risk to the bankin ...
... sharp rise in household debt levels may have increased the vulnerability of the household sector to a fall in house prices, particularly if accompanied by a significant increase in unemployment levels. If large enough, in combination these shocks could potentially pose a systematic risk to the bankin ...
UNICREDIT INTERNATIONAL BANK (LUXEMBOURG) S.A.
... will not be registered under the United States Securities Act of 1933 (as amended) (the Securities Act) and are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to U.S. persons. In addition, this Prospectus h ...
... will not be registered under the United States Securities Act of 1933 (as amended) (the Securities Act) and are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to U.S. persons. In addition, this Prospectus h ...
building today, for tomorrow - EZRA HOLDINGS LIMITED
... to finance acquisitions and for refinancing purposes. Through these efforts, debt due in FY15/16 has been reduced to approximately S$57 million or about 3% of total debt, while the weighted average debt maturity was maintained at approximately 3.6 years. ...
... to finance acquisitions and for refinancing purposes. Through these efforts, debt due in FY15/16 has been reduced to approximately S$57 million or about 3% of total debt, while the weighted average debt maturity was maintained at approximately 3.6 years. ...
CENTERPOINT ENERGY INC (Form: 10-Q
... States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period ...
... States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period ...
Pension Fund Asset Allocation and Liability Discount Rates
... result is in line with Rauh (2009) and suggests that these pension funds take less investment risk when their promised benefits need to be met sooner and become less uncertain due to increased retirements. In line with this intuition, more mature funds in the control group use lower discount rates t ...
... result is in line with Rauh (2009) and suggests that these pension funds take less investment risk when their promised benefits need to be met sooner and become less uncertain due to increased retirements. In line with this intuition, more mature funds in the control group use lower discount rates t ...
PROSPECTUS DATED 17 JANUARY 2014 BUREAU
... amount at the option of the Issuer at any time in the event of certain changes affecting taxation in France. The Bonds may also be redeemed at the option of the Issuer, in whole but not in part, at the greater of (i) 101 per cent. of their principal amount on the Call Settlement Date (as defined in ...
... amount at the option of the Issuer at any time in the event of certain changes affecting taxation in France. The Bonds may also be redeemed at the option of the Issuer, in whole but not in part, at the greater of (i) 101 per cent. of their principal amount on the Call Settlement Date (as defined in ...
capital budgeting
... 5. Financing costs are ignored: This may seem unrealistic, but it is not. Most of the time, analysts want to know the after-tax operating cash flows that result from a capital investment. Then these after-tax cash flows and the investment outlays are discounted at the required rate of return to find ...
... 5. Financing costs are ignored: This may seem unrealistic, but it is not. Most of the time, analysts want to know the after-tax operating cash flows that result from a capital investment. Then these after-tax cash flows and the investment outlays are discounted at the required rate of return to find ...
the role of money and monetary policy in the twenty-first century
... As mentioned, the macroeconomic model which represents the core consensus in modern macroeconomics and which is the basis of the models that are routinely calibrated or estimated at central banks to inform the policy process, does not give money a central role. In its most basic version it consists ...
... As mentioned, the macroeconomic model which represents the core consensus in modern macroeconomics and which is the basis of the models that are routinely calibrated or estimated at central banks to inform the policy process, does not give money a central role. In its most basic version it consists ...
Filed pursuant to Rule 424(b)(3) File No. 333
... payment will be determined on the third business day prior to the expiration of this offer, using the fixed-spread pricing formula described under "The Exchange Offer--Terms of the Offer" and will depend on the yields of certain US Treasury notes at 4:00 p.m., New York City time, on that day. Conseq ...
... payment will be determined on the third business day prior to the expiration of this offer, using the fixed-spread pricing formula described under "The Exchange Offer--Terms of the Offer" and will depend on the yields of certain US Treasury notes at 4:00 p.m., New York City time, on that day. Conseq ...
Interest rate
An interest rate is the rate at which interest is paid by borrowers (debtors) for the use of money that they borrow from lenders (creditors). Specifically, the interest rate is a percentage of principal paid a certain number of times per period for all periods during the total term of the loan or credit. Interest rates are normally expressed as a percentage of the principal for a period of one year, sometimes they are expressed for different periods such as a month or a day. Different interest rates exist parallelly for the same or comparable time periods, depending on the default probability of the borrower, the residual term, the payback currency, and many more determinants of a loan or credit. For example, a company borrows capital from a bank to buy new assets for its business, and in return the lender receives rights on the new assets as collateral and interest at a predetermined interest rate for deferring the use of funds and instead lending it to the borrower.Interest-rate targets are a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment. The central banks of countries generally tend to reduce interest rates when they wish to increase investment and consumption in the country's economy. However, a low interest rate as a macro-economic policy can be risky and may lead to the creation of an economic bubble, in which large amounts of investments are poured into the real-estate market and stock market. In developed economies, interest-rate adjustments are thus made to keep inflation within a target range for the health of economic activities or cap the interest rate concurrently with economic growth to safeguard economic momentum.