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Natural Interest Rate and Money Interest Rates
The Economists’ Voice, 2020Abstract The long lasting period of declining interest rates raises the question, whether the latter result from a savings glut, from a money glut, or from both. Moreover, it renewed the old question how the natural interest rate should be sensibly defined, and if it could ever fall below the growth rate, thereby causing dynamic ...
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Interest Rates 4: Interest Rate Discovery
SSRN Electronic Journal, 2014This is the fourth in a series of seven papers on interest rates and it covers the principle of interest rate discovery and security valuation, the micro structure of financial markets, the role of secondary markets, interest rate discovery in the debt and deposit markets, and the micro factors which impact on price discovery.
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Interest Rates 1: What are Interest Rates?
SSRN Electronic Journal, 2014This is the first in a series of seven papers on interest rates and it covers the basic terms and information required for a fuller understanding of the significance of interest rates: the instruments that interest rates apply to, the bank interest margin which plays an important transmission role in monetary policy, time value of money, types ...
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Comparative Economic Studies, 2017
What have we learned from the recent international experiences with negative interest rates? This paper reviews the evidence. Negative interest rates have proved so unpopular that it is unlikely that a full liberation from the Zero Lower Bound is within sight.
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What have we learned from the recent international experiences with negative interest rates? This paper reviews the evidence. Negative interest rates have proved so unpopular that it is unlikely that a full liberation from the Zero Lower Bound is within sight.
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Are Interest Rate Options Important for the Assessment of Interest Rate Risk? [PDF]
SSRN Electronic Journal, 2008 Abstract Fixed income options contain substantial information on the price of interest rate volatility risk. In this paper, we ask if those options will also provide information related to other moments of the objective distribution of interest rates. Based on dynamic term structure models within the class of affine models, we find that interest rate
Jose Vicente, Jose Vicente, Caio Almeida
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Interest Rates 3: Composition of Interest Rates
SSRN Electronic Journal, 2014This is the third in a series of seven papers on interest rates and it covers the yield curve, the literature on the composition of interest rates, an alternative analysis of composition of interest rates, the literature on the risk-free rate, an alternative view of the risk-free rate, and an analysis of the relationship of interest rates.
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The Journal of Finance, 1995
ABSTRACTSince people can hold currency at a zero nominal interest rate, the nominal short rate cannot be negative. The real interest rate can be and has been negative, since low risk real investment opportunities like filling in the Mississippi delta do not guarantee positive returns.
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ABSTRACTSince people can hold currency at a zero nominal interest rate, the nominal short rate cannot be negative. The real interest rate can be and has been negative, since low risk real investment opportunities like filling in the Mississippi delta do not guarantee positive returns.
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Interest Rates 2: Relationship of Interest Rates
SSRN Electronic Journal, 2014This is the second in a series of seven papers on interest rates and it covers the relationship between the policy interest rate and the banks’ prime lending rate; the many, but related, interest rates on debt and deposits; the interbank market interest rates; and the relationship of money market interest rates.
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The Journal of Business, 1986
One of the most important assumptions in financial economics models is the existence of a risk-free rate, available for borrowing and lending. In any economy, however, the borrowing rate does not coincide with the lending rate even for the short run. The difference between the rates is considered a compensation for intermediation that is necessary in ...
Brenner, Menachem, Galai, Dan
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One of the most important assumptions in financial economics models is the existence of a risk-free rate, available for borrowing and lending. In any economy, however, the borrowing rate does not coincide with the lending rate even for the short run. The difference between the rates is considered a compensation for intermediation that is necessary in ...
Brenner, Menachem, Galai, Dan
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Interest Rates 7: An Optimal Rate of Interest (the Natural Rate)
SSRN Electronic Journal, 2014This is the seventh in a series of seven papers on interest rates and it covers the Wicksell hypothesis, the general interpretation of it, an alternative interpretation, how the alternative interpretation is reconciled with the general interpretation, and its fit with the Taylor rule. A modification to the Taylor rule is discussed.
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