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The Term Structure of Interest Rates

In: The Creators of Inside Money

Author

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  • D. Gareth Thomas

    (University of Hertfordshire Business School)

  • David S. Bywaters

Abstract

Commercial banks do have some control over the endogenous money supply, so they partly determine the market rates of interest on saving on various terms or time periods to maturity through a mark-up on the ‘bank’ (or base) rate set by the Central Bank, such as the Federal funds rate in United States of America. The links between the rates, including those on government bonds, implies that they could well be formed by the term structure either through the expectations theory or some configuration of it. This part of the study has been radically transformed to include thoughts on the application of term structure to forecasting of the real economy, taken up empirically in the next chapter.

Suggested Citation

  • D. Gareth Thomas & David S. Bywaters, 2021. "The Term Structure of Interest Rates," Springer Books, in: The Creators of Inside Money, edition 2, chapter 0, pages 87-100, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-70366-0_6
    DOI: 10.1007/978-3-030-70366-0_6
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    Cited by:

    1. Broeders, Dirk & de Haan, Leo & Willem van den End, Jan, 2023. "How quantitative easing changes the nature of sovereign risk," Journal of International Money and Finance, Elsevier, vol. 137(C).
    2. Christophe Blot & Caroline Bozou & Jérôme Creel & Paul Hubert, 2021. "Are all Central Bank Asset Purchases the Same? Different Rationales, Different Effects," Working Papers hal-03554141, HAL.
    3. Beatriz González & Enrique Moral-Benito & Isabel Soler, 2022. "Schumpeter meets goldilocks: the scarring effects of firm destruction," Occasional Papers 2216, Banco de España.
    4. Pablo Burriel & Iván Kataryniuk & Javier J. Pérez, 2022. "Computing the eu’s sure interest savings using an extended debt sustainability assessment tool," Occasional Papers 2210, Banco de España.
    5. Christophe Blot & Paul Hubert & Jérôme Creel & Caroline Bozou, 2023. "The conditionality of monetary policy instruments," Working Papers hal-04159848, HAL.
    6. Pablo Burriel & Javier J. Pérez & Ivan Kataryniuk, 2023. "Computing the EU’s SURE Interest Savings with an Extended Debt Sustainability Analysis Tool," Hacienda Pública Española / Review of Public Economics, IEF, vol. 245(2), pages 157-178, June.

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