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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 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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1973
The Classical economists held that the rate of interest was a price which brought into equilibrium the demand for investment funds and the supply of savings. These are two ‘real’ flows: investment represents the resources which firms wish to use for producing goods which will not be consumed currently by households; saving represents resources which ...
J. Harvey, M. Johnson
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The Classical economists held that the rate of interest was a price which brought into equilibrium the demand for investment funds and the supply of savings. These are two ‘real’ flows: investment represents the resources which firms wish to use for producing goods which will not be consumed currently by households; saving represents resources which ...
J. Harvey, M. Johnson
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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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1998
The traditional theory of interest, as Keynes understood it (CW, VII: Chapter 14, with Appendix; also CW, XIV: 101–4), was an essential part of a body of economic theory which he regarded as dealing with the ‘real-exchange economy’ (CW, XIII: 409). The task which he sought to undertake, therefore, was to develop an explanation of the phenomenon of ...
David O Mahony, Connell Fanning
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The traditional theory of interest, as Keynes understood it (CW, VII: Chapter 14, with Appendix; also CW, XIV: 101–4), was an essential part of a body of economic theory which he regarded as dealing with the ‘real-exchange economy’ (CW, XIII: 409). The task which he sought to undertake, therefore, was to develop an explanation of the phenomenon of ...
David O Mahony, Connell Fanning
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2012
In this chapter we consider the term structure of interest rates and the interest rate derivatives. The interest rates are closely related to the bond market; we therefore introduce the interest rates in connection with the simplest assets on the bond market, namely the so-called T-bonds which are contracts that guarantee a unitary amount at a given ...
Pascucci A., Runggaldier W. J.
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In this chapter we consider the term structure of interest rates and the interest rate derivatives. The interest rates are closely related to the bond market; we therefore introduce the interest rates in connection with the simplest assets on the bond market, namely the so-called T-bonds which are contracts that guarantee a unitary amount at a given ...
Pascucci A., Runggaldier W. J.
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1987
The concept of the own-rate of interest on a commodity was introduced (though not named) by Piero Sraffa in his review (1932) of Friedrich von Hayek’s book Prices and Production (1931), and was later taken up, and labelled, by Maynard Keynes in his analysis of the role of money in the theory of employment (1936, ch. 17).
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The concept of the own-rate of interest on a commodity was introduced (though not named) by Piero Sraffa in his review (1932) of Friedrich von Hayek’s book Prices and Production (1931), and was later taken up, and labelled, by Maynard Keynes in his analysis of the role of money in the theory of employment (1936, ch. 17).
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Interest Rates and Information
The Manchester School, 2004In a lending relationship, a bank learns information on its borrowers. Adverse selection makes the usefulness and value of this information depend on the interest rates the bank charges in the different periods. The optimal intertemporal screening of borrowers calls for a monopolistic bank to smooth interest rates.
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Environment and Planning A: Economy and Space, 1990
This paper is a critical commentary on the papers by Rigby, and Webber and Tonkin that are part of this special issue of Environment and Planning A on “Analytical political economy”.
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This paper is a critical commentary on the papers by Rigby, and Webber and Tonkin that are part of this special issue of Environment and Planning A on “Analytical political economy”.
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