## Research classified by
*Journal of
Economic Literature* (JEL) codes

Top JEL

/ E: Macroeconomics and Monetary Economics

/ / E4: Money and Interest Rates

/ / /

**E43: Interest Rates: Determination, Term Structure, and Effects**

**This JEL code is mentioned in the follow RePEc Biblio entries:**

**This topic is covered by the following reading lists:**

- Mondialisation
- Quantitative Macroeconomics and Real Business Cycles (QM&RBC)
- Advanced Monetary Theory and Policy (ECON 447)

Most recent items first, undated at the end.

**Is Inflation Persistence Different in Reality?**

*by*Nikolaos Antonakakis & Juncal Cunado & Luis A. Gil-Alana & Rangan Gupta

**Efectos de sorpresas económicas en la estructura de tasas de interés. Evidencia para Brasil, Chile y México**

*by*Ceballos Sanhueza, Luis

**¿Existe evidencia de asimetrías en la gestión de la política monetaria por parte del Banco Central Europeo? (1999-2014)**

*by*Barros-Campello, Esther & Pateiro-Rodríguez, Carlos & Salcines-Cristal, J. Venancio

**Equilibrium real interest rates and secular stagnation: An empirical analysis for euro area member countries**

*by*Belke, Ansgar & Klose, Jens

**House prices and interest rates: Bayesian evidence from Germany**

*by*Hanck, Christoph & Prüser, Jan

**Did quantitative easing affect interest rates outside the US? New evidence based on interest tate differentials**

*by*Belke, Ansgar & Gros, Daniel & Osowski, Thomas

**Regional Banking Instability and FOMC Voting**

*by*Eichler, Stefan & Lähner, Tom & Noth, Felix

**Much ado about nothing: Sovereign ratings and government bond yields in the OECD**

*by*El-Shagi, Makram

**Forward guidance and "lower for longer": The case of the ECB**

*by*Bletzinger, Tilman & Wieland, Volker

**Asset market response to monetary policy news from SNB press releases**

*by*Hüning, Hendrik

**Global-Soziale Marktwirtschaft und die Flüchtlingsfrage**

*by*von Weizsäcker, Carl Christian

**Population growth, saving, interest rates and stagnation: Discussing the Eggertsson-Mehrotra model**

*by*Spahn, Peter

**Investitionen: Warum wir sie brauchen und wie wir sie kriegen**

*by*Christl, Michael & Köppl-Turyna, Monika & Lorenz, Hanno

**Below the zero lower bound: A shadow-rate term structure model for the euro area**

*by*Lemke, Wolfgang & Vladu, Andreea L.

**中国地方政府性债务风险与国债定价--基于城投债利差与国债收益率的分析**

*by*牛霖琳 & 洪智武 & 陈国进

**Interest rates, corporate lending and growth in the Euro Area**

*by*Gabriele Tondl

**Conventional monetary policy and the degree of interest rate pass through in the long run: a non-normal approach**

*by*Dong-Yop Oh & Hyejin Lee & Karl David Boulware

**Unsecured and Secured Funding**

*by*Ranaldo, Angelo & Wrampelmeyer, Jan

**Fragility of Money Markets**

*by*Ranaldo, Angelo & Rupprecht, Matthias & Wrampelmeyer, Jan

**The Macroeconomic Determinants of the US Term-Structure During The Great Moderation**

*by*Alessia Paccagnini

**Persistent Stochastic Shocks in a New Keynesian Model with Uncertainty**

*by*Tobias Kranz

**Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management**

*by*Franc Klaassen & Kostas Mavromatis

**Co-movement of Exchange Rates with Interest Rate Differential, Risk Premium and FED Policy in “Fragile Economies”**

*by*M. Utku Ozmen & Erdal Yilmaz

**The Impact of the ECB’s Conventional and Unconventional Monetary Policies on Stock Markets**

*by*Reinder Haitsma & Deren Unalmis & Jakob de Haan

**The Effect of Inflation and Interest Rates on Forward-Looking Effective Tax Rates**

*by*Centre for European Economic Reserach (ZEW)

**Credit market heterogeneity, balance sheet (in)dependence, financial shocks**

*by*Chris Garbers & Guangling Liu

**Fractionality and co-fractionality between Government Bond yields**

*by*Håvard Hungnes

**Central Bank Sentiment and Policy Expectations**

*by*Paul Hubert & Fabien Labondance

**Central Bank Sentiment and Policy Expectations**

*by*Paul Hubert & Fabien Labondance

**The effect of ECB forward guidance on policy expectations**

*by*Paul Hubert & Fabien Labondance

**Previdência e taxa de juros no Brasil**

*by*Brian Bolarinwa Ogundairo & Mauro Rodrigues

**Networks and lending conditions: Empirical evidence from the Swiss franc money markets**

*by*Silvio Schumacher

**Is Poland at risk of the zero lower bound?**

*by*Michal Brzoza-Brzezina & Marcin Kolasa & Mateusz Szetela

**Why may large economies suffer more at the zero lower bound?**

*by*Michal Brzoza-Brzezina

**Effects of South African Monetary Policy Implementation on the CMA: A Panel Vector Autoregression Approach**

*by*Monaheng Seleteng (PhD)

**Credit market heterogeneity, balance sheet (in) dependence, financial shocks**

*by*Chris Garbers & Guangling Liu

**Qualitative Guidance and Predictability of Monetary Policy in South Africa**

*by*Alain Kabundi & NtuthukoTsokodibane

**Capital Inflow Transmission of Monetary Policy to Emerging Markets**

*by*Adugna Olani

**Interest rate pass-through: a nonlinear vector error-correction approach**

*by*Michal Popiel

**The Output Euler Equation and Real Interest Rate Regimes**

*by*Pym Manopimoke

**Daily Movements in the Thai Yield Curve: Fundamental and Non-Fundamental Drivers**

*by*Jakree Koosakul

**Central Bank Communication and Monetary Policy Effectiveness: Evidence from Thailand**

*by*Pongsak Luangaram & Yuthana Sethapramote

**The Effect of Quantitative Easing on Lending Conditions**

*by*Laura Blattner & Luisa Farinha & Gil Nogueira

**Preference for Liquidity of Agents: An Analyse of Brasilian Case**

*by*LAGES, ANDRÉ MAIA GOMES & SANTOS, FABRÍCIO RIOS NASCIMENTO & FERREIRA, HUMBERTO BARBOSA

**Influence de la politique monétaire sur le taux long Quelques évidences empiriques, cas du Maroc**

*by*EL FAIZ, Zakaria & ZIANI, Manal

**Recalibrarea sistemului bancar european in contextul noilor cerinte si realitati**

*by*Danila, Marius

**Implicatii ale plasarii dobanzilor in zona negativa**

*by*Danila, Marius

**Yield Curve for Japanese Agency Bonds: From 2002 to the Present**

*by*Hattori, Takahiro & Miyake, Hiroki

**The Strategic Determination of the Supply of Liquid Assets**

*by*Geromichalos, Athanasios & Herrenbrueck, Lucas

**The shadow rate as a predictor of real activity and inflation: Evidence from a data-rich environment**

*by*Hännikäinen, Jari

**Effectiveness of Monetary Policy: Evidence from Turkey**

*by*Avci, S. Burcu & Yucel, Eray

**Inflation is Always and Everywhere an Interest-Rate Phenomenon**

*by*Belanger, Gilles

**When does the yield curve contain predictive power? Evidence from a data-rich environment**

*by*Hännikäinen, Jari

**Public spending, monetary policy and growth: Evidence from EU countries**

*by*Papaioannou, Sotiris

**Did the global financial crisis alter equilibrium adjustment dynamics between the US Fed rates and stock price volatility in the SSA region?**

*by*Phiri, Andrew

**The Japan Municipal Bond Yield Curve: 2002 to the Present**

*by*Hattori, Takahiro & Miyake, Hiroki

**Inflation expectations derived from a portfolio model**

*by*Covarrubias, Enrique & Hernández-del-Valle, Gerardo

**Is there a crowding-out effect in the Moroccan context ? Evidence from structural VAR Analysis**

*by*BOUNADER, Lahcen

**Effect of interest rate on bank deposits: evidences from Islamic and non-Islamic economies**

*by*Mushtaq, Saba & Siddiqui, Danish Ahmed

**Три Варианта Экономической Политики Для России**

*by*BLINOV, Sergey

**The Evasive Predictive Ability of Core Inflation**

*by*Pincheira, Pablo & Selaive, Jorge & Nolazco, Jose Luis

**Estimating the Taylor Rule in the Time-Frequency Domain**

*by*Luís Aguiar-Conraria & Manuel M. F. Martins & Maria Joana Soares

**Cash Flow Duration and the Term Structure of Equity Returns**

*by*Michael Weber

**Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data**

*by*Julio Garín & Robert Lester & Eric Sims

**A Model of the International Monetary System**

*by*Emmanuel Farhi & Matteo Maggiori

**Bernanke's No-arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?**

*by*Gauti B. Eggertsson & Kevin Proulx

**Understanding the Decline in the Safe Real Interest Rate**

*by*Robert E. Hall

**Bond Risk Premia in Consumption-based Models**

*by*Drew D. Creal & Jing Cynthia Wu

**Raise Rates to Raise Inflation? Neo-Fisherianism in the New Keynesian Model**

*by*Julio Garín & Robert Lester & Eric Sims

**The Term Structure of Interest Rates in India**

*by*Rajnish Mehra & Arunima Sinha

**Japanization: Is it Endemic or Epidemic?**

*by*Takatoshi Ito

**The role of bank balance sheets in monetary policy transmission. Evidence from Poland**

*by*Mariusz Kapuściński

**Do long term interest rates drive GDP and inflation in small open economies? Evidence from Poland**

*by*Grzegorz Wesołowski

**Do inflation expectations matter in a stylised New Keynesian model? The case of Poland**

*by*Tomasz Łyziak

**Why may large economies suffer more at the zero lower bound?**

*by*Michał Brzoza-Brzezina

**Forward Guidance, Quantitative Easing, or both?**

*by*Ferre De Graeve & Konstantinos Theodoridis

**Interest Rates Rules**

*by*Ceri Davies & Max Gillman & Michal Kejak

**A European Disease? Non-tradable inflation and real interest rate divergence**

*by*Sophie Piton

**A Term Structure of Interest Rates Model with Zero Lower Bound and the European Central Bank's Non-standard Monetary Policy Measures**

*by*Viktors Ajevskis

**The Empirics of Long-Term US Interest Rates**

*by*Tanweer Akram & Huiqing Li

**Japan's Liquidity Trap**

*by*Tanweer Akram

**Foreign Official Holdings of U.S Treasuries, Stock Effect and the Economy: A DSGE Approach**

*by*John Nana Francois

**Regional Banking Instability and FOMC Voting**

*by*Stefan Eichler & T. Lähner & Felix Noth

**Governed by the Cycle: Direct and Inverted Interest-Rate Sensitivity of Emerging Market Corporate Debt**

*by*Mariya Gubareva & Maria Rosa Borges

**Interest Rate (In)sensitivity of Emerging Market Corporate Debt: Economic Analysis based on 2002-2015 Empirical Evidence**

*by*Mariya Gubareva & Maria Rosa Borges

**Is the supply of long-term debt independent of the term premia? Evidence from Portugal**

*by*António Afonso, & Manish K. Singh

**Revisiting Sovereign Bond Spreads’Determinants in the EMU**

*by*António Afonso, & Manuel Reis

**A Portfolio Model of Quantitative Easing**

*by*Jens H. E. Christensen & Signe Krogstrup

**Non-Linearities in the Relationship between House Prices and Interest Rates: Implications for Monetary Policy**

*by*Guay Lim & Sarantis Tsiaplias

**The interest rate effects of government bond purchases away from the lower bound**

*by*De Rezende, Rafael B.

**Fed Liftoff and Subprime Loan Interest Rates: Evidence from the Peer-to-Peer Lending Market**

*by*Bertsch, Christoph & Hull, Isaiah & Zhang, Xin

**Pure Theory of the Federal Funds Rate**

*by*Homburg, Stefan

**An Empirical Assessment of Global Capital Productivity**

*by*Knolle, Julia & Lehmann, Kai

**Political Economics of Fiscal Consolidations and External Sovereign Accidents**

*by*Carolina Achury & Christos Koulovatianos & John Tsoukalas

**Japan's Currency Intervention Regimes: A Microstructural Analysis with Speculation and Sentiment**

*by*Ronald McDonald & Xuxin Mao

**Government Wealth Funds and Monetary Policy**

*by*Sergey Sinelnikov-Murylev & Pavel Trunin

**Russia’s Monetary Policy in 2015**

*by*Bozhechkova Alexandra & Trunin Pavel & Kiyutsevskaya Anna

**The impact of unconventional monetary policy on the sovereign bank nexus within and across EU countries. A time-varying conditional correlation analysis**

*by*Giulio Cifarelli & Giovanna Paladino

**Term structures of inflation expectations and real interest rates**

*by*Aruoba, S. Boragan

**How to escape a liquidity trap with interest rate rules**

*by*Duarte, Fernando M.

**Measuring Interest Rate Risk in the Life Insurance Sector: The U.S. and the U.K**

*by*Hartley, Daniel & Paulson, Anna L. & Rosen, Richard J.

**Option-Implied Libor Rate Expectations across Currencies**

*by*Nick Gebbia

**The Effect of Monetary Policy on Housing Tenure Choice as an Explanation for the Price Puzzle**

*by*Daniel A. Dias & Joao B. Duarte

**Changes in Prudential Policy Instruments ---- A New Cross-Country Database**

*by*Eugenio Cerutti & Ricardo Correa & Elisabetta Fiorentino & Esther Segalla

**Effects of Changing Monetary and Regulatory Policy on Overnight Money Markets**

*by*Elizabeth C. Klee & Zeynep Senyuz & Emre Yoldas

**Measuring the Natural Rate of Interest : International Trends and Determinants**

*by*Holston, Kathryn & Laubach, Thomas & Williams, John C.

**Financial Stability and Optimal Interest-Rate Policy**

*by*Andrea Ajello & Thomas Laubach & J. David Lopez-Salido & Taisuke Nakata

**Funding Liquidity Risk and the Cross-section of MBS Returns**

*by*Yuriy Kitsul & Marcelo Ochoa

**A Time Series Model of Interest Rates With the Effective Lower Bound**

*by*Benjamin K. Johannsen & Elmar Mertens

**Real and Nominal Equilibrium Yield Curves: Wage Rigidities and Permanent Shocks**

*by*Alex Hsu & Erica X. N. Li & Francisco J. Palomino

**A Portfolio Model of Quantitative Easing**

*by*Christensen, Jens H. E. & Krogstrup, Signe

**Measuring the natural rate of interest: International trends and determinants**

*by*Holston, Kathryn & Laubach, Thomas & Williams, John C.

**Measuring the effect of the zero lower bound on monetary policy**

*by*Carvalho, Carlos & Hsu, Eric & Nechio, Fernanda

**Are nonlinear methods necessary at the zero lower bound?**

*by*Richter, Alexander & Throckmorton, Nathaniel

**Forecasts of inflation and interest rates in no-arbitrage affine models**

*by*Gospodinov, Nikolay & Wei, Bin

**Affine term structure pricing with bond supply as factors**

*by*Hayashi, Fumio

**The effect of ECB foreward guidance on policy expectations**

*by*Paul Hubert & Fabien Labondance

**Central Bank sentiment and policy expectations**

*by*Paul Hubert & Fabien Labondance

**A Note on Simple Monetary Policy Rules with Labour Market and Financial Frictions**

*by*Sarunas Girdenas

**Sovereign Debt Issuance and Selective Default**

*by*Paczos, Wojtek; Shakhnov, Kirill

**University differences in the graduation minorities in STEM fields: evidence from California**

*by*Peter Arcidiacono & Esteban M. Aucejo & V. Joseph Hotz

**Covered interest parity: evidence from Russian money market**

*by*Kuga Iakov & Elena Kuzmina

**Financial factors and monetary policy: Determinacy and learnability of equilibrium**

*by*Paul Kitney

**Interest margins and bank regulation in Central America and the Caribbean**

*by*Anthony Birchwood & Michael Brei & Dorian Noel

**Ambiguity and Time-Varying Risk Aversion in Sovereign Debt Markets**

*by*Christoph Große Steffen & Maximilian Podstawski

**Optimal Debt Management in a Liquidity Trap**

*by*Hafedh BOUAKEZ & Rigas OIKONOMOU & Romanos PRIFTIS

**Central Bank Sentiment and Policy Expectations**

*by*Paul Hubert & Fabien Labondance

**Expectations, Stagnation and Fiscal Policy**

*by*Evans, George W. & Honkapohja, Seppo & Mitra, Kaushik

**A Demand Theory of the Price Level**

*by*Hagedorn, Marcus

**Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations**

*by*Taylor, John B. & Wieland, Volker

**Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States**

*by*DellAriccia, Giovanni & Laeven, Luc & Suarez, Gustavo

**Union Debt Management**

*by*Equiza-Goni, Juan & Faraglia, Elisa & Oikonomou, Rigas

**Forward guidance and "lower for longer": The case of the ECB**

*by*Bletzinger, Tilman & Wieland, Volker

**Stagnation Traps**

*by*Benigno, Gianluca & Fornaro, Luca

**International Transmissions of Monetary Shocks**

*by*Han, Xuehui & Wei, Shang-Jin

**Efectos de los cambios de la tasa de interés de Estados Unidos sobre Colombia, Perú y Chile**

*by*Carlos Fernando Daza Moreno & Jorge Mario Uribe

**Monetary Transmission: Are Emerging Market and Low-Income Countries Different?**

*by*Ales Bulir & Jan Vlcek

**Funding Liquidity, Market Liquidity and the Cross-Section of Stock Returns**

*by*Jean-Sébastien Fontaine & René Garcia & Sermin Gungor

**A European Disease? Non-tradable inflation and real interest rate divergence**

*by*Sophie Piton

**Monetary Policy Transmission in an Open Economy: New Data and Evidence from the United Kingdom**

*by*Ambrogio Cesa-Bianchi & Gregory Thwaites & Alejandro Vicondoa

**Cash Flow Duration and the Term Structure of Equity Returns**

*by*Michael Weber

**Quantitative Easing: The Challenge for Households Long-term Savings and Financial Security**

*by*Christian Thimann

**Secular Stagnation: Insights from a New Keynesian Model with Hysteresis Effects**

*by*Bas van Aarle

**Stagnation Traps**

*by*Gianluca Benigno & Luca Fornaro

**The Strategic Determination of the Supply of Liquid Assets**

*by*Athanasios Geromichalos & Lucas Herrenbrueck

**Expectations, stagnation and fiscal policy**

*by*Evans, George W. & Honkapohja, Seppo & Mitra, Kaushik

**A shadow rate model with time-varying lower bound of interest rates**

*by*Kortela, Tomi

**A monetary policy rule for Russia, or is it rules?**

*by*Korhonen, Iikka & Nuutilainen, Riikka

**Monetary policy transmission in an open economy: new data and evidence from the United Kingdom**

*by*Cesa-Bianchi, Ambrogio & Thwaites, Gregory & Vicondoa, Alejandro

**Risk premia and seasonality in commodity futures**

*by*Hevia, Constantino & Petrella, Ivan & Sola, Martin

**Pass-through of bank funding costs to lending and deposit rates: lessons from the financial crisis**

*by*Harimohan, Rashmi & McLeay, Michael & Young, Garry

**Monetary policy and volatility in the sterling money market**

*by*Osborne, Matthew

**Bond Market Exposures to Macroeconomic and Monetary Policy Risks**

*by*Dongho Song

**Targeting Constant Money Growth at the Zero Lower Bound**

*by*Michael T. Belongia & Peter N. Ireland

**Liquidity Management and Central Bank Strength: Bank of England Operations Reloaded, 1889-1910**

*by*Stefano Ugolini

**UK term structure decompositions at the zero lower bound**

*by*A. Carriero & S. Mouabbi & E. Vangelista

**Measuring Financial Fragmentation in the Euro Area Corporate Bond Market**

*by*G. Horny & M. Manganelli & B. Mojon

**Self-fulfilling deflations**

*by*Roberto Piazza

**Global macroeconomic effects of exiting from unconventional monetary policy**

*by*Pietro Cova & Patrizio Pagano & Massimiliano Pisani

**Macroeconomic effectiveness of non-standard monetary policy and early exit. A model-based evaluation**

*by*Lorenzo Burlon & Andrea Gerali & Alessandro Notarpietro & Massimiliano Pisani

**Structural transformation, services deepening, and the transmission of monetary policy**

*by*Alessandro Galesi & Omar Rachedi

**Modelling interest payments for macroeconomic assessment**

*by*Celestino Girón & Marta Morano & Enrique M. Quilis & Daniel Santabárbara & Carlos Torregrosa

**The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies**

*by*Gregory Bauer & Gurnain Pasricha & Rodrigo Sekkel & Yaz Terajima

**Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility**

*by*Michael Ehrmann & Jonathan Talmi

**Global Macro Risks in Currency Excess Returns**

*by*Kimberly Berg & Nelson C. Mark

**Analyzing the impact of monetary policy on financial markets in Chile**

*by*Alicia GarcÃa-Herrero & Eric Girardin & Hermann Esteban GonzÃ¡lez

**Liquidity Trap and Stability of Taylor Rules**

*by*Antoine Le Riche & Francesco Magris & Antoine Parent

**Bond Market Asymmetries across Recessions and Expansions: New Evidence on Risk Premia**

*by*Martin M. Andreasen & Tom Engsted & Stig V. Møller & Magnus Sander

**A search-theoretic model of the term premium**

*by*Geromichalos, Athanasios & Herrenbrueck, Lucas M. & Salyer, Kevin D.

**Does the central bank directly respond to output and inflation uncertainties in Turkey?**

*by*Pelin Oge Guney

**Systemic interest rate and market risk at US banks**

*by*Ludwig Hausse & Martin Rohleder & Marco Wilkens

**A general HJM framework for multiple yield curve modelling**

*by*Christa Cuchiero & Claudio Fontana & Alessandro Gnoatto

**Financial uncertainty, risk aversion and monetary policy**

*by*Nkwoma John Inekwe

**Forecasting the Yield Curve With Macroeconomic Variables**

*by*Michał Rubaszek

**The effect of Bank competition on the effectiveness of the Interest Rate Channel of Monetary Policy Transmission**

*by*Patrick Mumbi Chileshe & Olusegun Ayodele Akanbi

**Are We Systematically Wrong when Estimating Potential Output and the Natural Rate of Interest?**

*by*Lucian Croitoru

**An Axiomatic Analysis of the Effects of Interest Rate on the Inflation and Convergence Speed in Achiving to Equilibrium in a Banach Space**

*by*Askari, Seyed Ehsan & Pourkazemi, Mohammad Hossein & Biabani, Jahangir & Dallali Isfahani, Rahim

**Bank Failure Prediction Model for Zimbabwe**

*by*Victor Gumbo & Simba Zoromedza

**Udržitelnost dluhového financování státu a její interakce s kvantitativním uvolňováním: případ USA, UK a Japonska v letech 2000-2014**

*by*Jiří Štekláč & Miroslav Titze

**Může být přirozená úroková míra nulová? Neoklasický přístup**

*by*Pavel Potužák

**Fisher and Mises on Zero Interest: A Reconsideration**

*by*Pavel Potužák

**Federal Reserve Swap Lines - International Lender of the Last Resort**

*by*Miroslav Titze

**The development of bank profitability in Denmark, Sweden and Switzerland during a period of ultra-low and negative interest rates**

*by*Thomas Scheiber & Maria Antoinette Silgoner & Carline Stern

**The influence of sovereign bond yields on bank lending rates: the pass-through in Europe**

*by*Markus Eller & Thomas Reininger

**A monetary policy rule for Russia, or is it rules?**

*by*Iikka Korhonen & Riikka Nuutilainen

**Negative Nominal Interest Rates on Loans: The Newly-Established Normal Practice?**

*by*Petar Peshev & Ivaylo Beev

**Real Returns, Interest Income Tax, and Household Saving in Bulgaria**

*by*Dimitar Damyanov

**Is Poland at risk of the zero lower bound?**

*by*Michal Brzoza-Brzezina & Marcin Kolasa & Mateusz Szetela

**Keynes' Theory of the Interest Rate: A Critical Approach**

*by*Katarzyna Appelt

**Demand for money under low interest rates in Japan**

*by*Yutaka Kurihara

**Deterministic Elements of Japanese Stock Prices under Low Interest Rates**

*by*Yutaka Kurihara

**Unconventional Monetary Policy in the Euro Zone**

*by*John Driffill

**Testing the Persistence of the Forward Premium: Structural Changes or Misspecification?**

*by*Tsung-Wu Ho & Wan-Shin Mo

**Does Central Bank Capital Matter for Monetary Policy?**

*by*Gustavo Adler & Pedro Castro & Camilo E. Tovar

**A plausible model of yield curve dynamics**

*by*Gideon Magnus

**Shadow short rate and monetary policy in the Euro area**

*by*Milan Damjanović & Igor Masten

**The perils of debt deflation in the Euro area: a multi regime model**

*by*Willi Semmler & Alexander Haider

**POLONIA dynamics during the years 2006–2012 and the effectiveness of the monetary Policy of the National Bank of Poland**

*by*Agata Kliber & Paweł Kliber & Piotr Płuciennik & Małgorzata Piwnicka

**Expectations Hypothesis and Term Structure of Interest Rates: An Evidence from Emerging Market**

*by*Hassan Shareef & Santhakumar Shijin

**Money-Market Rates and Retail Interest Regulation in China: The Disconnect between Interbank and Retail Credit Conditions**

*by*Nathan Porter & TengTeng Xu

**Post-Brexit Britain: Its Relations With The Eu And Its Future In The Framework Of Multilateral Institutions**

*by*Larionova M. & Sakharov A. & Shelepov A.

**Brexit Results: Macroeconomic Risks**

*by*Trunin Pavel & Goryunov Evgeny & Kiyutsevskaya Anna

**Online Monitoring of Russia's Economic Outlook**

*by*Drobyshevsky Sergey & Turuntseva Marina & Bozhechkova Alexandra & Trunin Pavel & Knobel Alexander & Firanchuk Alexander & Khromov Mikhail & Averkiev Vladimir & Shishkina Ekaterina & Uzun Vasily & Florinskaya Yulia & Mkrtchian N. & Shagaida Natalia

**Online Monitoring of Russia's Economic Outlook**

*by*Alexandra Bozhechkova & Alexander Knobel & Sergey Tsukhlo & Elena Grishina & Pavel Trunin & Alexander Firanchuk & Olga Berezinskaya

**Online Monitoring of Russia's Economic Outlook**

*by*Drobyshevsky Sergey & Turuntseva Marina & Bozhechkova Alexandra & Trunin Pavel & Knobel Alexander & Firanchuk Alexander & Averkiev Vladimir & Shishkina Ekaterina & Florinskaya Yulia & Mkrtchian N. & Shagaida Natalia

**Measuring the Stance of Monetary Policy on and off the Zero Lower Bound**

*by*Doh, Taeyoung & Choi, Jason

**Monetary Policy at the Zero Lower Bound: Revelations from the FOMC's Summary of Economic Projections**

*by*Kahn, George A. & Palmer, Andrew

**Applications of an IS-MP Model with Yield Curve**

*by*X. Henry Wang & Bill Z. Yang

**Financial crises and estimation bias in international bond markets**

*by*Juneja, Januj A.

**The international transmission of risk: Causal relations among developed and emerging countries’ term premia**

*by*Espinosa-Torres, Juan Andrés & Gomez-Gonzalez, Jose Eduardo & Melo-Velandia, Luis Fernando & Moreno-Gutiérrez, José Fernando

**Bank loan terms and conditions: Is there a macro effect?**

*by*Anagnostopoulou, Seraina C. & Drakos, Konstantinos

**An empirical application of the EVA® framework to business cycles**

*by*Cachanosky, Nicolás & Lewin, Peter

**Optimal allocation of government bond funds through the business cycle. Is money smart?**

*by*Laborda, Ricardo & Muñoz, Fernando

**A representative agent asset pricing model with heterogeneous beliefs and recursive utility**

*by*Suzuki, Masataka

**Time-varying mark-up and the ECB monetary policy transmission in a highly non linear framework**

*by*Cifarelli, Giulio & Paladino, Giovanna

**Do stock returns provide a good hedge against inflation? An empirical assessment using Turkish data during periods of structural change**

*by*Aktürk, Halit

**A macro-finance term structure model with multivariate stochastic volatility**

*by*Laurini, Márcio P. & Caldeira, João F.

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*by*Tao Wu & Glenn Rudebusch

**Inflation Targeting, Committee Decision Making and Uncertainty: The Case of the Bank of Englandâ€™s MPC**

*by*Arnab Bhattacharjee & Sean Holly

**Cousin risks: the extent and the causes of positive correlation between country and currency risks**

*by*Marcio Gomes Pinto Garcia & Alexandre Lowenkron

**Monetary Policy and the Term Structure of Interest Rates**

*by*Juha Seppala & Federico Ravenna

**Tax Riots**

*by*Christopher Phelan & Marco Bassetto

**No-Arbitrage Taylor Rules**

*by*Andrew Ang & Sen Dong

**Interest Rate Pass-through in Sri Lanka**

*by*Amarasekara, Chandranath

**Macroeconomic Determinants of the Movement of the Yield Curve**

*by*Vargas, Gregorio A.

**Implied Volatilities of Caps: a Gaussian approach**

*by*Flavio Angelini & Stefano Herzel

**Do Macro Variables, Asset Markets or Surveys Forecast Inflation Better?**

*by*Andrew Ang & Geert Bekaert & Min Wei

**Self-Fulfilling Currency Crises: The Role of Interest Rates**

*by*Christian Hellwig & Arijit Mukherji & Aleh Tsyvinski

**Money Growth and Interest Rates**

*by*Seok-Kyun Hur

**A less effective monetary transmission in the wake of EMU? Evidence from lending rates pass-through**

*by*Gianluca Di Lorenzo & Giuseppe Marotta

**The aim of the present work is to test the predictive power of the term spread in forecasting real economic growth rates and recession probabilities in Italy. According to the most recent literature, the relationship between the term spread and economic growth rates is modelled as a nonlinear one and specifically the Logistic Smooth Transition model is used, while a probit model is implemented to forecast recession probabilities. In both applications evidence supports a relevant informative content of the spread in Italy**

*by*Costanza Torricelli & Marianna Brunetti

**A less effective monetary transmission in the wake of EMU? Evidence from lending rates pass-through**

*by*Gianluca Di Lorenzo & Giuseppe Marotta

**Repegging of the Lats to the Euro: Implications for the Financial Sector**

*by*Viktors Ajevskis & Armands Pogulis

**On the predictability of common risk factors in the US and UK interest rate swap markets: Evidence from non-linear and linear models**

*by*Ilias Lekkos & Costas Milas & Theodore Panagiotidis

**On the predictability of common risk factors in the US and UK interest rate swap markets:Evidence from non-linear and linear models**

*by*Ilias Lekkos & Costas Milas & Theodore Panagiotidis

**The Term Structure of Interest Rates under Regime Shifts and Jumps**

*by*Shu Wu & Yong Zeng

**Monetary Policy and Long-term Interest Rates**

*by*Shu Wu

**Interest rate pass-through estimates from vector autoregressive models**

*by*Johann Burgstaller

**International Capital Flows and U.S. Interest Rates**

*by*Francis E. Warnock & Veronica C. Warnock

**The Yield Curve Slope and Monetary Policy Innovations**

*by*Gamber, Edward N. & Joutz, Frederick L.

**Modeling the FIBOR/EURIBOR Swap Term Structure: An Empirical Approach**

*by*Oliver Blaskowitz & Helmut Herwartz & Gonzalo de Cadenas Santiago

**US Monetary Policy Announcements and the Term Structure of Interest Rate Differentials: Evidence from Hong Kong and Singapore**

*by*Giorgio Valente

**The Rate of Return of Pay-As-You-Go Pension Systems: A More Exact Consumption-Loan Model of Interest**

*by*Settergren, Ole & Mikula, Boguslaw D.

**Some Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap**

*by*Apel, Mikael & Jansson, Per

**Identifying the Interdependence between US Monetary Policy and the Stock Market**

*by*Bjørnland, Hilde C. & Leitemo, Kai

**Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations**

*by*Bindseil, Ulrich & Nyborg, Kjell G. & Strebulaev, Ilya A.

**A framework for understanding inflation - with or without money**

*by*Bengtsson, Ingemar

**A Tale of Two Effects**

*by*Paul Evans & Xiaojun Wang

**Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations**

*by*Kjell G. Nyborg & Ulrich Bindseil & Ilya A. Strebulaev

**Immunization Using a Parametric Model of the Term Structure**

*by*Jorge Miguel Ventura Bravo & Carlos Manuel Pereira da Silva

**Efficient Rank Reduction of Correlation Matrices**

*by*Grubisic, I. & Pietersz, R.

**Generic Market Models**

*by*Pietersz, R. & van Regenmortel, M.

**Consumer Confidence and Yield Spreads in Europe**

*by*Ferreira García, María Eva & Rubio Irigoyen, Gonzalo & Martínez, María Isabel & Navarro, Eliseo

**The importance of the wording of the ECB**

*by*Carlo Rosa & Giovanni Verga

**The bank lending survey for the euro area**

*by*Jesper Berg & Annalisa Ferrando & Gabe de Bondt & Silvia Scopel

**Forecasting Interest Rates - A Comparative Assessment Of Some Second Generation Non-Linear Models**

*by*Dilip M. Nachane & Jose G. Clavel

**Is a Word to the Wise Indeed Enough? ECB Statements and the Predictibility of Interest Rate Decisions**

*by*David-Jan Jansen & Jakob de Haan

**Fisher Hypothesis Revisited: A Fractional Cointegration Analysis**

*by*Saadet Kirbas Kasman & Adnan Kasman & Evrim Turgutlu

**A Two-Stage Realized Volatility Approach to the Estimation for Diffusion Processes from Discrete Observations**

*by*Peter C.B. Phillips & Jun Yu

**Term Structure Linkages Among the New EU Countries and the EMU**

*by*Minoas Koukouritakis & Leo Michelis

**The Term Structures of Interest Rates in the New and Prospective EU Countries**

*by*Minoas Koukouritakis & Leo Michelis

**Term Structure Estimation with Survey Data on Interest Rate Forecasts**

*by*Kim, Don H. & Orphanides, Athanasios

**The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields**

*by*Sarno, Lucio & Thornton, Daniel L & Valente, Giorgio

**Why Are Returns on Swiss Franc Assets So Low? Rare Events May Solve the Puzzle**

*by*Kugler, Peter & Weder di Mauro, Beatrice

**Time Variation in Term Premia: International Evidence**

*by*Jongen, Ron & Verschoor, Willem F C & Wolff, Christian C

**The Predictive Power of the Yield Spread: Further Evidence and A Structural Interpretation**

*by*Favero, Carlo A. & Kaminska, Iryna & Söderström, Ulf

**Central Bank Forecasts and Disclosure Policy: Why it Pays to be Optimistic**

*by*Eijffinger, Sylvester C W & Tesfaselassie, Mewael F.

**The Role of Asymmetries and Regime Shifts in the Term Structure of Interest Rates**

*by*Clarida, Richard & Sarno, Lucio & Taylor, Mark P & Valente, Giorgio

**The CNB's Policy Decisions - Are They Priced in by the Markets?**

*by*David Navratil & Viktor Kotlan

**The Consumption-Based Determinants of the Term Structure of Discount Rates**

*by*Christian Gollier

**Inflation Expectations in the Czech Interbank Market**

*by*Martin Fukac

**The Importance of the Wording of the ECB**

*by*Carlo Rosa & Giovanni Verga

**Inflation Targeting, Committee Decision Making and Uncertainty: The case of the Bank of England’s MPC**

*by*Bhattacharjee, A. & Holly, S.

**Why are Returns on Swiss Franc Asset so Low?**

*by*Peter Kugler & Beatrice Weder

**Monetary Policy Uncertainty and Market Interest Rates**

*by*Ryo Kato & Yoshifumi Hisata

**The Effects of the Bank of Japan's Zero Interest Rate Commitment and Quantitative Monetary Easing on the Yield Curve: A Macro-Finance Approach**

*by*Nobuyuki Oda & Kazuo Ueda

**How Do Monetary Policy Rules Affect Term Premia?**

*by*Hibiki Ichiue

**Identifying the interdependence between US monetary policy and the stock market**

*by*Bjørnland, Hilde C. & Leitemo, Kai

**Bank interest rates in a small European economy : Some exploratory macro level analyses using Finnish data**

*by*Kauko, Karlo

**The natural real interest rate and the output gap in the euro area: A joint estimation**

*by*Julien Garnier & Bjørn-Roger Wilhelmsen

**Japan's deflation, problems in the financial system and monetary policy**

*by*Naohiko Baba & Shinichi Nishioka & Nobuyuki Oda & Masaaki Shirakawa & Kazuo Ueda & Hiroshi Ugai

**The role of the natural rate of interest in monetary policy**

*by*Jeffery D. Amato

**Are there asymmetries in the response of bank interest rates monetary shocks?**

*by*Leonardo Gambacorta & Simonetta Iannotti

**The role of global risk aversion in explaining Latin American sovereign spreads**

*by*Alicia García-Herrero & Álvaro Ortiz

**Estimating the natural interest rate for the euro area and Luxembourg**

*by*Ladislav Wintr & Paolo Guarda & Abdelaziz Rouabah

**The Canadian Macroeconomy and the Yield Curve: An Equilibrium-Based Approach**

*by*René Garcia & Richard Luger

**Can Jurisdictional Uncertainty And Capital Controls Explain The High Level Of Real Interest Rates In Brazil? Evidence From Panel Data**

*by*Fernando M. Gonçalves & Márcio Holland & Andrei D. Spacov

**The Effect Of Labour Share On The Natural Rate Of Interest: Some Empirical Evidence**

*by*Pedro Gomes & Pedro Bom & Pedro Leão

**Recent developments in Australian bond yields**

*by*Benjamin Ford & Karen Taylor

**Interest Rate Rules, Price Determinacy and the Value of Money in a non Ricardian World**

*by*Jean-Pascal Benassy

**Changing Beliefs and the Term Structure of Interest Rates: Cross-Equation Restrictions with Drifting Parameters**

*by*Timothy Cogley

**Una rivisitazione delle teorie di Modigliani sulla finanza**

*by*Terenzio Cozzi

**Mechanismus stabilizace ultrakrátkých úrokových sazeb prostřednictvím repo operací České národní banky**

*by*Karel Brůna

**The Natural Rate of Interest — Concepts and Appraisal for the Euro Area**

*by*Ernest Gnan & Doris Ritzberger-Grünwald

**Kamatátgyűrűzés Magyarországon**

*by*Naszódi, Anna & Krekó, Judit & Horváth, Csilla

**National Money of Account, with a Second National Money or Local Monies as Means of Payment: A Way of Finessing the Zero Interest Rate Bound**

*by*Stephen J. DAVIES

**El Tramo Corto de la Estructura a Plazo como Predictor de Expectativas de la Actividad Económica en Colombia**

*by*Luis E Arango & Luz Adriana Flórez & Angélica M Arosemena

**The Behavior of Interest Rate Differentials Under Shifting Exchange Rate Regimes: The Experience of Chile, Colombia and Israel**

*by*Carlos Ibarra

**America's Deficit, the World's Problem: Keynote Speech**

*by*Obstfeld, Maurice

**Searching for Non-monotonic Effects of Fiscal Policy: New Evidence**

*by*Giavazzi, Francesco & Jappelli, Tullio & Pagano, Marco & Benedetti, Marina

**Marking to Market, Liquidity, and Financial Stability**

*by*Plantin, Guillaume & Sapra, Haresh & Shin, Hyun-Song

**Japan's Deflation, Problems in the Financial System, and Monetary Policy**

*by*Baba, Naohiko & Nishioka, Shinichi & Oda, Nobuyuki & Shirakawa, Masaaki & Ueda, Kazuo & Ugai, Hiroshi

**The "Middle-Risk Gap" and Financial System Reform: Small-Firm Financing in Japan**

*by*Schaede, Ulrike

**Monetary and Fiscal Policy to Escape from a Deflationary Trap**

*by*Iwamoto, Yasushi

**Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements**

*by*Refet S Gürkaynak & Brian Sack & Eric Swanson

**Determinants of Long-term Interest Rates in the Czech Republic**

*by*Tomáš Holinka

**Do the Measurements of Financial Market Inflation Expectations Yield Relevant Macroeconomic Information?**

*by*Martin Fukaè

**Is the CNB Predictable?**

*by*David Navrátil & Viktor Kotlán

**The Management Of Interest Rate Risk In Small And Medium Banks**

*by*HALID KONJHODŽIC & TONCI SVILOKOS

**Monetary policy and the expectations hypothesis**

*by*D. Vestin & Hordahl & P.

**Why are long rates sensitive to monetary policy?**

*by*Ulf Soderstrom & Tore Ellingsen

**Liquidity Effects in non-Ricardian Economies**

*by*Jean-Pascal Benassy

**On the Feasibility of Debt Ponzi Schemes - A Bond Portfolio Approach**

*by*Martin Barbie & Marcus Hagedorn

**Cousin Risks: The Extent and the Causes of Positive Correlation between Country and Currency Risks**

*by*Marcio Garcia & Alexandre Lowenkron

**Estimation of the Volatility Structure of the Fixed Income Market**

*by*Thuy Duong To & Carl Chiarella

**Intertemporal Consumption and Consumer Demand**

*by*Keith R. McLaren & H. Youn Kim & Russel J. Cooper

**Term Structure Dynamics: A Daily View from the Hungarian Foreign Currency Deposits Markets**

*by*Konstantinou, Panagiotis

**Sovereign risk premia in the European government bond market**

*by*Bernoth, Kerstin & von Hagen, Jürgen & Schuknecht, Ludger

**Over- and underbidding in central bank open market operations conducted as fixed rate tender**

*by*Bindseil, Ulrich

**Expected budget deficits and interest rate swap spreads - Evidence for France, Germany and Italy**

*by*Heppke-Falk, Kirsten H. & Hüfner, Felix P.

**Interest rate reaction functions for the euro area Evidence from panel data analysis**

*by*Ruth, Karsten

**How the Bundesbank really conducted monetary policy: An analysis based on real-time data**

*by*Gerberding, Christina & Worms, Andreas & Seitz, Franz

**Towards a Joint Characterization of Monetary Policy and the Dynamics of the Term Structure of Interest Rates**

*by*Fendel, Ralf

**The Ideal Inflation Indexed Bond and Irving Fisher's Impatience Theory of Interest in an Overlapping Generations World**

*by*John Geanakoplos

**Optimal Monetary Policy under Heterogeneous Expectations**

*by*Orlando Gomes

**Are Europe Interest Rates led by FED's Announcements?**

*by*Monticini & Vaciago

**The Case for Open-Market Purchases in a Liquidity Trap**

*by*Alan Auerbach & Maurice Obstfeld

**Nonlinear dynamics of interest rate and inflation**

*by*Markku Lanne

**Learning, inflation expectations and optimal monetary policy**

*by*Eric Schaling

**Dynamics of Interest Rate Curve by Functional Auto-Regression**

*by*Vladislav Kargin & Alexei Onatski

**Liquidity Trap Prevention and Escape: A Simple Proposition**

*by*Junning Cai

**The Information Content of the Natural Rate of Interest: The Case of Poland**

*by*Michal Brzoza-Brzezina

**The Role Of Global Risk Aversion In Explaining Latin American Sovereign Spreads**

*by*ALICIA GARCIA HERRERO & ALVARO ORTIZ

**Calibration of Interest Rate Models - Transition Market Case**

*by*Martin Vojtek

**Riding the Yield Curve: Diversification of Strategies**

*by*David S. Bieri & Ludwig B. Chincarini

**Dynamic Risk Profile of the US Term Structure by Wavelet MRA**

*by*SUTTHISIT JAMDEE & CORNELIS A. LOS

**Taking Positive Interest Rates Seriously**

*by*Enlin Pan & Liuren Wu

**Estimating the Volatility Structure of an Arbitrage-Free Interest Rate Model Via the Futures Markets**

*by*Ram Bhar & Carl Chiarella & Thuy-Duong To

**Overnight Indexed Swaps and Floored Compounded Instrument in HJM One-Factor Model**

*by*Marc Henrard

**On the Small Sample Properties of Dickey Fuller and Maximum Likelihood Unit Root Tests on Discrete-Sampled Short-Term Interest Rates**

*by*Paulo M. M. Rodrigues & Antonio Rubia

**Structural Breaks, Inflation and Interest Rates: Evidence for the G7 countries**

*by*Jesus Clemente & Antonio Montañes & Marcelo Reyes

**Interest Rate Pass-Through in New EU Member States: The Case of the Czech Republic, Hungary and Poland**

*by*Jesús Crespo-Cuaresma & Balázs Égert & Thomas Reininger

**Trust In Transition: Cross Country And Firm Evidence**

*by*Martin Raiser & Alan Rousso & Franklin Steves

**A Note on the Bias of using Futures Rates as a Proxy for the Instantaneous Forward Rate**

*by*Thuy-Duong To

**A Markovian Defaultable Term Structure Model with State Dependent Volatilities**

*by*Carl Chiarella & Erik Schlögl & Christina Nikitopoulos-Sklibosios

**A Comparison of Alternative Nonparametric Estimators of the Short Rate Diffusion Coefficient**

*by*Roberto Reno' & Antonio Roma & Stephen Schaefer

**Nonparametric Estimation of the Diffusion Coefficient via Fourier Analysis, with Aplication to Short Rate Modeling**

*by*Roberto Reno'

**Credit rationing and crowding out during the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862**

*by*Peter Temin & Joachim Voth

**Quadratic term structure models with jumps in incomplete currency markets**

*by*Daal, Elton

**The value of interest rate stabilization polices when agents are learning**

*by*Duffy, John & Xiao, Wei

**Nonparametric Estimation of Convergence of Interest Rates: Effects on Bond Pricing**

*by*Teresa Corzo SantamarÃa & Javier GÃ³mez Biscarri

**Leaning Against the Parity**

*by*Alex Luiz Ferreira

**Heterogeneous Information about the Term Structure of Interest rates, Least-Squares Learning and Optimal Interest Rate Rules for Inflation Forecast Targeting**

*by*Schaling, E. & Eijffinger, S.C.W. & Tesfaselassie, M.F.

**Credit Rationing Effects of Credit Value-at-Risk**

*by*Jan Frederik Slijkerman & David J.C. Smant & Casper G. de Vries

**Une théorie de l'inflation optimales fondée sur les contraintes du crédit**

*by*Xavier Ragot

**Future Fiscal and Budgetary Shocks**

*by*Hian Teck Hoon & Edmund S Phelps

**Financial Factors, Macroeconomic Information and the Expectations Theory of the Term Structure of Interest Rates**

*by*Iryna Kaminska & Andrea Carriero & Carlo A. Favero

**Cointegration and Regime-Switching Risk Premia in the U.S. Term Structure of Interest Rates**

*by*PeterTillmann

**Does the Term Spread Play a Role in the Fed's Reaction Function? An Empirical Investigation**

*by*Jesus Vazquez

**Application Of The Kalman Filter For Estimating Continuous Time Term Structure Models: Evidence From The Uk And Germany**

*by*Rana Chatterjee

**Filtering Long-Run Inflation Expectations with a Structural Macro Model of the Yield Curve**

*by*Marco Lyrio & Hans Dewachter

**Targeting Inflation by Forecast Feedback Rules in Small Open Economies**

*by*Kai Leitemo

**Permanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information**

*by*P.A. Tinsley & Sharon Kozicki

**Competition, transmission and bank pricing policies: Evidence from Belgian loan and deposit markets**

*by*F. DE GRAEVE & O. DE JONGHE & R. VANDER VENNET

**Daily interbank rate determination and volatility in a banking crisis**

*by*Sanchez-Fung, Jose R.

**A Macro-Finance Model of the Term Structure, Monetary Policy, and the Economy**

*by*Tao Wu & Glenn Rudebusch

**Modelling the Yield Curve: A Two Components Approach**

*by*John Hatgioannides & Menelaos Karanasos & Marika Karanassou

**La Curva de Retorno y el Modelo C-CAPM: Evidencia para Chile**

*by*González, Manuel

**Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics**

*by*Hein, Eckhard

**Estimating a time varying neutral real interest rate for New Zealand**

*by*Olivier Basdevant & Nils Björksten & Özer Karagedikli

**The Yield Curve, Recessions and the Credibility of the Monetary Regime: Long Run Evidence 1875-1997**

*by*Michael D. Bordo & Joseph G Haubrich

**Monetary and Fiscal Remedies for Deflation**

*by*Alan Auerbach & Maurice Obstfeld

**The Determinants of Pass-Through of Market Conditions to Bank Retail Interest Rates in Belgium**

*by*Ferre De Graeve & Olivier De Jonghe & Rudi Vander Vennet

**The Determinants of Pass-Through of Market Conditions to Bank Retail Interest Rates in Belgium**

*by*Ferre De Graeve & Olivier De Jonghe & Rudi Vander Vennet

**Bayesian Analysis of Continuous Time Models of the Australian Short Rate**

*by*Andrew D. Sanford & Gael Martin

**Crise de change et politique monétaire optimale dans un modèle de troisième génération : le rôle de la prime de risque**

*by*Vincent Bouvatier

**Interest rate pass-through in Hungary**

*by*Csilla Horváth & Judit Krekó & Anna Naszódi

**Demand and supply in the ECB's main refinancing operations**

*by*Livio Stracca & Clara Martin Moss & Livio Stracca

**Risk factors of inflation-indexed and conventional government bonds and the APT**

*by*Andreas Reschreiter

**Macro factors and the term structure of interest rates**

*by*Hans Dewachter

**Money market rates and implied CCAPM rates: some international evidence**

*by*Yamin Ahmad

**Foreign Exchange and Money Markets in the Context of the Exchange Rate Target Zone**

*by*Viktors Ajevskis & Armands Pogulis & Gunars Berzins

**On The Small Sample Properties Of Dickey Fuller And Maximum Likelihood Unit Root Tests On Discrete-Sampled Short-Term Interest Rates**

*by*Paulo M.M. Rodrigues & Antonio Rubia

**The Consumption-Based Determinants of the Term Structure of Discount Rates**

*by*Gollier, Christian

**Far Out on the Yield Curve**

*by*Alexius, Annika

**Excess Sensitivity and Volatility of Long Interest Rates: The Role of Limited Information in Bond Markets**

*by*Beechey, Meredith

**Why Are Long Rates Sensitive to Monetary Policy?**

*by*Ellingsen, Tore & Söderström, Ulf

**On Finite Dimensional Realizations of Forward Price Term Structure Models**

*by*Gaspar, Raquel M.

**General Quadratic Term Structures of Bond, Futures and Forward Prices**

*by*Gaspar, Raquel M.

**A flexible prior distribution for Markov switching autoregressions with Student-t errors**

*by*Deschamps, Philippe J.

**The Deficit?Interest Rate Connection: an empirical assessment of the EU**

*by*Carlos Vieira

**Does the Term Spread play a role in the FED's reaction function? An Empirical Investigation**

*by*Vázquez Pérez, Jesús

**Jackknifing Bond Option Prices**

*by*Jun Yu & Peter Phillips

**Heterogeneous Information about the Term Structure of Interest Rates, Least-Squares Learning and Optimal Interest Rate Rules for Inflation Forecast Targeting**

*by*Mewael Tesfaselassie & Eric Schaling & Sylvester Eijffinger

**The Friedman Rule in a Two Sector Small Open Economy**

*by*Alexandre Cunha

**A joint econometric model of macroeconomic and term structure dynamics**

*by*Peter Hoerdahl & Oreste Tristani

**A General Equilibrium Model of the Term Structure of Interest Rates under Regime-switching Risk**

*by*Yong Zeng & Shu Wu

**Cointegration and Regime-Switching Risk Premia in the US Term Structure of Interest Rates**

*by*Peter Tillmann

**Dynamics of Interest Rate Curve by Functional Auto-regression**

*by*Alexei Onatski & Slava Kargin

**The Yield Curve, Recession and the Credibility of the Monetary Regime: long run evidence 1875-1997**

*by*Michael Bordo & Joseph Haubrich

**Fear of Sudden Stops: lessons from Australia and Chile**

*by*Jonathan Kearns & Ricardo J. Caballero & Kevin Cowan

**FINANCIAL DOLLARIZATION: Evaluating the consequences**

*by*Eduardo Levy-Yeyati

**Dedollarization, Indexation and Nominalization: the Chilean experience**

*by*R. Valdes & L.O. Herrera

**Why Can the Yield Curve Predict Output Growth, Inflation, and Interest Rates? An Analysis with Affine Term Structure Model**

*by*Hibiki Ichiue

**Nonlinearity in the Term Structure**

*by*Dong Heon Kim

**Forecasting Australian GDP Growth Using Coefficients Constrained by A Term Structure Model**

*by*Farshid Vahid & Lin Luo

**Gold, Fiat and Credit. An Elementary Discussion of Commodity Money, Fiat Money and Credit, Part II**

*by*Thomas Quint & Martin Shubik

**A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part I**

*by*Thomas Quint & Martin Shubik

**Interest Rate Setting by the ECB: Words and Deeds**

*by*Gerlach, Stefan

**Federal Funds Rate Prediction**

*by*Sarno, Lucio & Thornton, Daniel L & Valente, Giorgio

**International Portfolio Holdings and Swiss Franc Asset Returns**

*by*Kugler, Peter & Weder di Mauro, Beatrice

**Sovereign Risk Premia in the European Bond Market**

*by*Bernoth, Kerstin & Schuknecht, Ludger & von Hagen, Jürgen

**The Case for Open-Market Purchases in a Liquidity Trap**

*by*Auerbach, Alan J & Obstfeld, Maurice

**Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations**

*by*Bindseil, Ulrich & Nyborg, Kjell G & Strebulaev, Ilya

**Why are Long Rates Sensitive to Monetary Policy?**

*by*Ellingsen, Tore & Söderström, Ulf

**The Yield Spread as a Symmetric Predictor of Output and Inflation**

*by*Hardouvelis, Gikas A & Malliaropoulos, Dimitrios

**Financial Factors, Macroeconomic Information and the Expectations Theory of the Term Structure of Interest Rates**

*by*Carriero, Andrea & Favero, Carlo A. & Kaminska, Iryna

**Heterogenous Information About the Term Structure of Interest Rates, Least-Squares Learning and Optimal Interest Rate Rules**

*by*Eijffinger, Sylvester C W & Schaling, Eric & Tesfaselassie, Mewael F.

**On Model Selection and Markov Switching: A Empirical Examination of Term Structure Models with Regime Shifts**

*by*Driffill, John & Kenc, Turalay & Sola, Martin & Spagnolo, Fabio

**Tasas de interés efectivas y nominales: el calvario de los estudiantes de finanzas**

*by*Ignacio Vélez-Pareja

**Expectativas De Actividad Económica En Colombia Y Estructura A Plazo: Un Poco Más De Evidencia**

*by*Luis Eduardo Arango & Luz Adriana Flórez

**Calibration of Interest Rate Models - Transition Market Case**

*by*Martin Vojtek

**Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?**

*by*Jesús Vázquez

**Is the Fisher Effect Nonlinear? Some Evidence for Spain, 1963-2002**

*by*Óscar Bajo Rubio & Carmen Díaz Roldán & Vicente Esteve

**Market-Based Monetary Policy Transparency Index, Risk and Volatility - The Case of the United States**

*by*Amir Kia & Hilde Patron

**International Portfolio Holdings and Swiss Franc Asset Returns**

*by*Peter Kugler & Beatrice Weder

**Why Can the Yield Curve Predict Output Growth, Inflation, and Interest Rates? An Analysis with an Affine Term Structure Model**

*by*Hibiki Ichiue

**Heterogenous information about the term structure, least-squares learning and optimal rules for inflation targeting**

*by*Schaling, Eric & Eijffinger, Sylvester & Tesfaselassie, Mewael

**Measuring the long-term perception of monetary policy and the term structure**

*by*Rautureau, Nicolas

**Who was in the driving seat in Europe during the nineties, International financial markets or the BUBA?**

*by*Roger Hammersland

**Large T and small N : A three-step approach to the identification of cointegrating relationships in time series models with a small cross-sectional dimension**

*by*Roger Hammersland

**Règle de Taylor et politique monétaire dans la zone euro**

*by*Mésonnier, J-S. & Renne, J-P.

**A Time-Varying Natural Rate for the Euro Area**

*by*Mésonnier, J-S. & Renne, J-P.

**Convergence of Government Bond Yields in the Euro Zone: The Role of Policy Harmonization**

*by*Denise Côté & Christopher Graham

**Recolhimentos Compulsórios E Distribuição Das Taxas De Empréstimos Bancários No Brasil**

*by*Eduardo Augusto de Souza Rodrigues & Tony Takeda

**Comunicação Em Política Monetária**

*by*Robson Rodrigues Pereira

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*by*Ulrike Neyer & Jürgen Wiemers

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**On the Optimality of Interest Rate Smoothing**

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**A Semi-Parametric Factor Model for Interest Rates**

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**New Techniques to Extract Market expectations from Financial Instruments**

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**High Real Interest rates and Banking Crisis in an Open Economy: A Case Study of Chile, 1975-1983**

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**Price and Change Rate determination Between Laos and Thailand**

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**International Interest Rates Linkage: Evidence from OCDE Countries**

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**On the Welfare Significance of National Product Under Interest-Rate Uncertainty**

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**Puzzling Integratedness of Interest Rates: A Case for Nonparametric Threshold Cointegration?**

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**Determinants of the expected real long-term interest rates in the G7-countries**

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**Monetary Policy, Forward Rates and Long Rates: Does Germany Differ from the United States?**

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**Money Growth Variability and the Term Structure of Interest in Japan**

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*by*Calcagnini, G. & Hester, D.D.

**Single Factor Heath-Jarrow-Morton Term Structure Models Based on Markov Spot Interest Rate Dynamics**

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**Sources of Variation in International Real Interest Rates**

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**Some Lessons from the Yield Curve**

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**Forward Interest Rates as Indicators of Inflation Expectations**

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**The Information Content of the Term Structure: Evidence for Germany**

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**An Analysis of the Real Interest Rate Under Regime Shifts**

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**Explaining devaluation expectations in the EMS**

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**The Monetary Transmission Mechanism: An Empirical Framework**

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**Some Lessons from the Yield Curve**

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**The Credibility of the United Kingdom's Commitment to the ERM : Intentions versus Actions**

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**Explaining Devaluation Expectations in the EMS**

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**The French-German Interest Rate Differential since German Unification: The Impact of the 1992 and 1993 EMS Crisis**

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**Testing Long-run Neutrality: Empirical Evidence for G7-Countries with Special Emphasis on Germany**

*by*Weber, Axel

**Asymmetry in the EMS revisited: Evidence from the causality analysis of daily Eurorates**

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**Monetary Policy and the Term Structure of Interest Rates**

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**Reverse Engineering the Yield Curve**

*by*David K. Backus & Stanley E. Zin

**The Simplest Test of Inflation Target Credibility**

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**Testing Long-run Neutrality: Empirical Evidence for G7 Countries with Special Emphasis on Germany**

*by*Weber, Axel A

**An Alternative Strategy for Estimation of a Nonlinear Model of the Term Structure of Interest Rates**

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**La economía venezolana**

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**Covered Interest Parity: Evidence from the U.S.- Canadian Money Markets**

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**Covered Interest Parity: Evidence from the U.S.- Canadian Money Markets**

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**The Simplest Test of Inflation Target Credibility**

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**Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment**

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**A Model of Target Changes and the Term Structure of Interest Rates**

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**Financial Openness and the Effectiveness of Capital Controls in Greece**

*by*Christodoulakis, Nikos & Karamouzis, Nick

**Liquidity Effects and the Determinants of Short-term Interest Rates in Italy (1991-92)**

*by*Angeloni, Ignazio & Prati, Alessandro

**Signalling Debt Sustainability**

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**Economía mexicana**

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**The Reform of Federal Deposit Insurance**

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**The Impact of Federal Deposit Insurance on Savings and Loan Failures**

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**Inflation and the Interest Rate in 1991**

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**Understanding the High Interest Rates on Italian Government Securities**

*by*Giovannini, Alberto & Piga, Gustavo

**Bretton Woods and its Precursors: Rules versus Discretion in the History of International Monetary Regimes**

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**Paridad entre la tasa de interés real interna y externa: Notas sobre el caso colombiano**

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**Response [Great and Almost-Great Magnitudes for Economists]**

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**Time-Varying Estimates on the Openness of the Capital Account in Korea and Taiwan**

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**Financial Innovations and the Distributional Effects of Interest Rate Changes in the UK**

*by*Philip Arestis & Peter Howells

**The Long-term Decline in Real Interest Rates: Comment**

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**Some Structural Hypotheses in a Multivariate Cointegration Analysis of the Purchasing Power Parity and the Uncovered Interest Parity for UK**

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**Large Deficits Produce High Interest Rates**

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**Deficits and Real Interest Rates: A Note Extending the Hoelscher Model**

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**A Note on Federal Budget Deficits and the Term Structure of Real Interest Rates in the United States**

*by*Cebula, Richard

**A Strategic Market Game with a Mutual Bank with Fractional Reserves and Redemption in Gold (A Continuum of Traders)**

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**Determinants of Business Failure: A Time Series Analysis**

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**An Empirical Note on Deficits, Interest Rates, and International Capital Flows**

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**Currency speculation and dollar fluctuations**

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**Federal Government Budget Deficits and Interest Rates: A Brief Note**

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**The Taxation Of Foreign Investment Income In Canada, The United States And Mexico**

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*by*Glenn Jenkins & HENRY LIM

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**The Determinants Of The Nominal Interest Rate**

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**Control of Generalized Error Rates in Multiple Testing**

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**Optimal Allotment Policy in Central Bank Open Market Operations**

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**The Lucas Critique in Practice: An Empirical Investigation of the Impact of European Monetary Integration on the Term Structure**

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**An Open-Economy Macro-Finance Model of Internatinal Interdependence: The OECD, US and the UK**

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**The Use Of Spreads In Forecasting Medium Term U.K Interest Rates**

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**The Role of Financial Sector Competition for Monetary Policy**

*by*Edgar A. Ghossoub & Robert Reed & Thanarak Laosuthi

**Central Bank Liquidity Provision and Financial Sector Competition This paper presents a general equilibrium production economy where money is essential and financial intermediaries provide important economic functions. In this setting, we study the effects of liquidity provision by the monetary authority under two different banking structures: a perfectly competitive and a fully concentrated banking system. When the banking sector is perfectly competitive, liquidity injections through an open market purchase stimulate capital investment and production. Interestingly, an expansionary monetary policy can become contractionary when the banking sector is fully concentrated. This necessarily happens in economies where government liabilities constitute a large fraction of total deposits and inflation is high. Moreover, we demonstrate that imperfect banking competition is a source of indeterminacy of dynamical equilibria. More specifically, the economy can display Hopf bifurcation. However, monetary policy plays an important role in controlling deterministic cycles and endogenous volatility that could arise under a fully concentrated banking sector**

*by*Hamid Beladi & Edgar Ghossoub

**Are Low Interest Rates Deflationary? A Paradox of Perfect- Foresight Analysis**

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**Analyzing the Taylor Rule with Wavelet Lenses**

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**Fiscal Deficits, Current Account Dynamics and Monetary Policy**

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**On the determinants of currency crises: The role of model uncertainty**

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**Inflation Co-movement across Countries in Multi-maturity Term Structure: An Arbitrage-Free Approach**

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**Stock market liquidity and macro-liquidity shocks: Evidence from the 2007-2009 financial crisis**

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**Behavioural Equilibrium Exchange Rate and Total Misalignment: Evidence from the Euro Exchange Rate**

*by*Minoas Koukouritakis & Nikolaos Giannellis

**Exact Smooth Term Structure Estimation**

*by*Damir FilipoviÄ‡ & Sander Willems

**Consistent Re-Calibration in Yield Curve Modeling: An Example**

*by*Mario V. Wuthrich

**Optimal Long-Term Allocation with Pension Fund Liabilities**

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**Linear-Rational Term Structure Models**

*by*Damir FILIPOVIC & Martin LARSSON & Anders TROLLE

**The Term Structure of Interbank Risk**

*by*Damir FILIPOVIC & Anders B. TROLLE

**International Bond Risk Premia**

*by*Magnus DAHLQUIST & Henrik HASSELTOFT

**The New "Normal" for Interest Rates in Canada: The Implications of Long-Term Shifts in Global Saving and Investment**

*by*Paul Beaudry & Philippe Bergevin

**The New "Normal" for Interest Rates in Canada: The Implications of Long-Term Shifts in Global Saving and Investment**

*by*Paul Beaudry & Philippe Bergevin

**Tasa De Rendimiento De Capital De Colombia Para El Periodo Entre 1990 Y 2001**

*by*Ana María Tribín Uribe

**Una aproximación a la dinámica de las tasas de interés de corto plazo en Colombia a través de modelos GARCH multivariados**

*by*Luis Fernando Melo Velandia & Oscar Reinaldo Becerra Camargo

**Tramo Corto de la Curva de Rendimientos, Cambio de Régimen Inflacionario y Expectativas de Inflación en Colombia**

*by*Luis Eduardo Arango & Luz Adriana Flórez

**Interest Rate Setting and the Colombian Monetary Transmission Mechanism**

*by*Carlos Andrés Amaya

**Expectativas de Actividad Económica en Colombia y Estructura a Plazo: Un Poco más de Evidencia**

*by*Luis Eduardo Arango & Luz Adriana Flórez

**El Tramo Corto de la Estructura a Plazo como Predictor de Expectativas de la Actividad Económica en Colombia**

*by*Luis Eduardo Arango & Luz Adriana Flórez & Angélica María Arosemena

**El Tramo Corto de la Estructura a Plazo como predictor de Expectativas de Inflación en Colombia**

*by*Luis Eduardo Arango & María Angélica Arosemena

**Affine Bond Pricing with a Mixture Distribution for Interest Rate Time-Series DynamicsCreation-Date: 20100225**

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*by*Łukasz Goczek & Dagmara Mycielska