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A note concerning government bond yields
Akram, Tanweer - 2020
This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence the...
Persistent link: https://www.econbiz.de/10012317613
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Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Orphanides, Athanasios - 1998
Persistent link: https://www.econbiz.de/10000993205
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Declining required reserves and the volatility of the federal funds rate
Clouse, James A.; Elmendorf, Douglas W. - 1997
Persistent link: https://www.econbiz.de/10000633321
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Normalizing the fed funds rate : the fed's unjustified rationale
Dantas, Flavia - 2016
consistent with the established 2 percent longer-run goal for the annual Personal Consumption Expenditures index and the …
Persistent link: https://www.econbiz.de/10011546686
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The risky steady state and the interest rate lower bound
Hills, Timothy S.; Nakata, Taisuke; Schmidt, Sebastian - 2016 - This draft: January 2016
Even when the policy rate is currently not constrained by its effective lower bound (ELB), the possibility that the policy rate will become constrained in the future lowers today's inflation by creating tail risk in future inflation and thus reducing expected inflation. In an empirically rich...
Persistent link: https://www.econbiz.de/10011499709
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Japan's liquidity trap
Akram, Tanweer - 2016
from a sharp rise in investors’ liquidity preference and the fear of capital losses due to uncertainty about the direction … of vigorous fiscal policy and employment creation to induce a higher expected marginal efficiency of capital, while the … central bank stabilizes the yield curve and reduces interest rate volatility to mitigate investors’ expectations of capital …
Persistent link: https://www.econbiz.de/10011453035
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The empirics of long-term US interest rates
Akram, Tanweer; Li, Huiqing - 2016
US government indebtedness and fiscal deficits increased notably following the global financial crisis. Yet long-term interest rates and US Treasury yields have remained remarkably low. Why have long-term interest rates stayed low despite the elevated government indebtedness? What are the...
Persistent link: https://www.econbiz.de/10011453037
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Uncertainty shocks, monetary policy and long-term interest rates
Amisano, Gianni; Tristani, Oreste - 2019
We study the relationship between monetary policy and long-term rates in a structural, general equilibrium model estimated on both macro and yields data from the United States. Regime shifts in the conditional variance of productivity shocks, or "uncertainty shocks", are an important model...
Persistent link: https://www.econbiz.de/10012018454
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An institutional analysis of China's reform of their monetary policy framework
He, Zengping; Jia, Genliang - 2019
This paper traces the history of China's reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the quantity-targeting framework, the People's Bank of China transformed its monetary policy framework toward one...
Persistent link: https://www.econbiz.de/10011999063
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An analysis of the daily changes in US Treasury security yields
Akram, Tanweer; Das, Anupam - 2019
This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of the long-term interest rate. In this paper, the daily changes in long-term Treasury security yields are...
Persistent link: https://www.econbiz.de/10012059722