Do Long-Term Interest Rates Overreact to Short-Term Interest Rates?

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

International Linkages in Short- and Long-term Interest Rates

This paper examines interest rate linkages in the G7 economies by testing for cointegration and employing the causality testing method for unstable systems recently introduced by Toda and Yamamoto (1995), which results in standard asymptotics. Our results show that whilst domestic macroeconomic variables are important determinants of long-term interest rates, international linkages play a major...

متن کامل

Exploring Determinants of Long-Term Interest Rates

In South Africa, long-term interest rates have often been high in real terms and relatively volatile, although they declined somewhat in recent years (Figure 13.1). This chapter attempts to show that this decline is due not only to an improved external capital market but also to the strong progress made in macroeconomic management. In particular, the implementation of policy measures, such as d...

متن کامل

Monetary Policy and Long-term Interest Rates

This paper documents some new empirical results about the monetary policy and long-term interest rates in the United States. It shows that changes in the monetary policy stance are more predictable to the bond market in the 1990s than in the 1970s. This shift in the predictability of the monetary policy actions affects the policy’s impact on long-term interest rates as well as the forecasting p...

متن کامل

Term Structure of Interest Rates

I nterest rates and their dynamics provide probably the most computationally difficult part of the modern financial theory. The modern fixed income market includes not only bonds but all kinds of derivative securities sensitive to interest rates. Moreover interest rates are important in pricing all other market securities since they are used in time discounting. Interest rates are also importan...

متن کامل

Term Structure of Interest Rates

In this survey, firstly I describe the fundamentals of interest rates and yield curves. After required background information for the term structure is established, I move on the main subject of this survey: Term Structure of Interest Rates. We can define the term structure of interest rates as calculation of the relation between the yields on default-free securities which only differ in their ...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Brookings Papers on Economic Activity

سال: 1984

ISSN: 0007-2303

DOI: 10.2307/2534279