## 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:**

- > Macroeconomics > Monetary Theory
- > Econometrics > Forecasting > Forecasting Economic Activity Using Financial Variables

**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.

**John Bull Can't Stand 2 Percent: QE's Depressing Implications for Investment**

*by*THOMAS, JASON

**Versicherungswirtschaft:Herausforderung Niedrigzinsumfeld**

*by*Dr.Rolf Ketzler & Klaus Wiener

**The Effectivness of the Negative Interest Rate Policy in Japan**

*by*Naoyuki Yoshino & Farhad Taghizadeh-Hesary & Hiroaki Miyamoto

**On the Efficacy of Quantitative Easing Policies - The Example of the QE1-Programme of the US Fed**

*by*Prof. Dr. Ansgar Belke & Thomas Osowski

**Sparen, Sparkultur und die neuen Wege der Geldpolitik**

*by*Georg Fahrenschon

**The interest rate pass-through in the low interest rate environment: Evidence from Germany**

*by*Hennecke, Peter

**Zinstransmission in der Niedrigzinsphase: Eine empirische Untersuchung des Zinskanals in Deutschland**

*by*Hennecke, Peter

**The premium of government debt: Disentangling safety and liquidity**

*by*Xiong, Qizhou

**Sparen in der "Nullzinsphase". Privatanleger und der Kapitalmarkt in Deutschland im Ersten Weltkrieg**

*by*Hardach, Gerd

**Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy**

*by*Chatelain, Jean-Bernard & Ralf, Kirsten

**The Fisher paradox: A primer**

*by*Gerke, Rafael & Hauzenberger, Klemens

**Interest rate risk of life insurers: Evidence from accounting data**

*by*Möhlmann, Axel

**Rationalizing the Bias in Central Banks' Interest Rate Projections**

*by*Michael Frenkel & Jin-Kyu Jung & Jan-Christoph Rülke

**Interest Rate Volatility And Macroeconomic Dynamics: A Cross-Country Analysis**

*by*Michael Curran & Adnan Velic

**Monetary Polica and Currency Returns: the Foresight Saga**

*by*Borisenko, Dmitry & Pozdeev, Igor

**Who is John Galt? Un análisis de la crisis financiera de 2008 desde la óptica de la Escuela Austríaca**

*by*Diego Rijos

**Are Macroprudential Policies Effective Tools to Reduce Credit Growth in Emerging Markets?**

*by*Fatma Pinar Erdem & Etkin Özen & Ibrahim Unalmis

**Endogenous Real Risk-Free Rate, the Central Bank, and Stock Market**

*by*Ilomaki Jukka & Laurila Hannu

**Alternative User Costs, Productivity and Inequality in US Business Sectors**

*by*W. Erwin Diewert & Kevin J. Fox

**Lower bound beliefs and long-term interest rates**

*by*Christian Grisse & Signe Krogstrup & Silvio Schumacher

**Financial Structure and Instability in an Open Economy**

*by*Kenshiro Ninomiya

**Irrationality and Term Structure Anomaly**

*by*I Doun Kuo

**Unconventional monetary policy: interest rates and low inflation. A review of literature and methods**

*by*Mariarosaria Comunale & Jonas Striaukas

**Temptation and Forward Guidance**

*by*Airaudo, Marco

**The Effectiveness of Japan’s Negative Interest Rate Policy**

*by*Yoshino, Naoyuki & Taghizadeh–Hesary, Farhad & Miyamoto, Hiroaki

**The Dynamics of Investment Projects: Evidence from Peru**

*by*Gondo, Rocío & Vega, Marco

**Economic Fundamentals and Spill-over among Asian Term Structures**

*by*Wachirawat Banchuen

**The Role of Term Spread and Pattern Changes in Predicting Stock Returns and Volatility of the United Kingdom: Evidence from a Nonparametric Causality-in-Quantiles Test Using Over 250 Years of Data**

*by*Rangan Gupta & Marian Risse & David A. Volkman & Mark E. Wohar

**Bank Stability and Competition: Evidence from Albanian Banking Market**

*by*Shijaku, Gerti

**Uncertainty and the Cost of Bank vs. Bond Finance**

*by*Grimme, Christian

**The Interest Rate and the Length of Production: A Comment**

*by*Howden, David

**Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy**

*by*Jean-Bernard, Chatelain & Kirsten, Ralf

**Asymmetries in Yield Curves: Some Empirical Evidence from Ghana**

*by*Njindan Iyke, Bernard

**Privately issued money reduces GDP**

*by*Musgrave, Ralph S.

**Effets sectoriels de la politique monétaire et activité économique: cas du Maroc**

*by*Moussir, Charaf Eddine

**Impact of the Degree of Relative Risk Aversion, the Interest Rate and the Exchange Rate Depreciation on Economic Welfare in a Small Open Economy**

*by*Soriano-Morales, Yazmín Viridiana & Vallejo-Jiménez, Benjamín & Venegas-Martínez, Francisco

**Forward-looking Component in Consumers’ Expectations and the Central Bank’s Forecast: Some Evidence for European Countries**

*by*Magdalena Szyszko & Aleksandra Rutkowska

**The fall in real long-term government bond yields: Disentangling different drivers**

*by*Łukasz Rawdanowicz & Mohamed Hammouch & Makoto Kasai

**Theory and Practice of Crisis in Political Economy: the Case of the Great Recession in Spain**

*by*Juan Pablo Mateo

**Dynamic term structure models with score-driven time-varying parameters: estimation and forecasting**

*by*Siem Koopman & André Lucas & Marcin Zamojski

**Is bank lending corruption self-regulatory? A note**

*by*Erotokritos Varelas

**When the Fed sneezes - Spillovers from U.S. Monetary Policy to Emerging Markets**

*by*Annette Meinusch

**Monetary Policy Uncertainty and the Response of the Yield Curve to Policy Shocks**

*by*Peter Tillmann

**Quantitative Easing in the Euro Area**

*by*Urbschat, Florian & Watzka, Sebastian

**Unconventional Monetary Policy: Interest Rates and Low Inflation. A Review of Literature and Methods**

*by*Mariarosaria Comunale & Jonas Striaukas

**The Dynamics of Government Bond Yields in the Eurozone**

*by*Tanweer Akram & Anupam Das

**The Long-run Determinants of Indian Government Bond Yields**

*by*Tanweer Akram & Anupam Das

**Search-for-Yield and Business Cycle**

*by*Katsuhiro Oshima

**Negative interest rates, excess liquidity and bank business models: Banks’ reaction to unconventional monetary policy in the euro area**

*by*S. Demiralp & J. Eisenschmidt & T. Vlassopoulos

**Sovereign yield spreads in the EMU: crisis and structural determinants**

*by*António Afonso & Frederico Silva Leal

**Stock-Flow Adjustments and Interest Rates**

*by*António Afonso & José Alves

**Addicted to Debt: Foreign Purchases of U.S. Treasuries and the Term Premium**

*by*David Kohn

**Term Structure Models with Negative Interest Rates**

*by*Yoichi Ueno

**The Cost Channel Effect of Monetary Transmission: How Effective is the ECB's Low Interest Rate Policy for Increasing Inflation?**

*by*Schäfer, Dorothea & Stephan, Andreas & Trung Hoang, Khanh

**Das Rätsel der Niedrigzinsphase**

*by*Homburg, Stefan & Knolle, Julia

**The Effect of Foreign and Domestic Demand on U.S. Treasury Yields**

*by*Florian Brugger

**Russia’s Monetary Policy in 2016**

*by*Bozhechkova Alexandra & Trunin Pavel & Knobel Alexander & Kiyutsevskaya Anna

**Real Rates and Consumption Smoothing in a Low Interest Rate Environment: The Case of Japan**

*by*Lecznar, Jonathan & Lubik, Thomas A.

**Safety, liquidity, and the natural rate of interest**

*by*Del Negro, Marco & Giannone, Domenico & Giannoni, Marc & Tambalotti, Andrea

**Interest rate conundrums in the twenty-first century**

*by*Hanson, Samuel & Lucca, David O. & Wright, Jonathan H.

**Optimal Monetary Policy under Negative Interest Rate**

*by*Dong, Feng & Wen, Yi

**Communicating Monetary Policy Rules**

*by*Davig, Troy A. & Foerster, Andrew T.

**Interest Rate Volatility and Sudden Stops : An Empirical Investigation**

*by*Ricardo M. Reyes-Heroles & Gabriel Tenorio

**"Low-For-Long" Interest Rates and Banks' Interest Margins and Profitability : Cross-Country Evidence**

*by*Stijn Claessens & Nicholas Coleman & Michael S. Donnelly

**How Effective is Monetary Policy at the Zero Lower Bound? Identification Through Industry Heterogeneity**

*by*Arsenios Skaperdas

**Measuring the Natural Rate of Interest : Alternative Specifications**

*by*Kurt F. Lewis & Francisco Vazquez-Grande

**Macro Risks and the Term Structure of Interest Rates**

*by*Geert Bekaert & Eric Engstrom & Andrey Ermolov

**How Would US Banks Fare in a Negative Interest Rate Environment?**

*by*David M. Arseneau

**Capital Misallocation and Secular Stagnation**

*by*Andrea Caggese & Ander Perez

**The TIPS Liquidity Premium**

*by*Andreasen, Martin M. & Christensen, Jens H. E. & Riddell, Simon

**Is There an On-the-Run Premium in TIPS?**

*by*Christensen, Jens H. E. & Lopez, Jose A. & Shultz, Patrick

**The Time-Varying Effect of Monetary Policy on Asset Prices**

*by*Paul, Pascal

**Updating the Long Term Rate in Time: A Possible Approach**

*by*Diana Zigraiova & Petr Jakubik

**A comment on Wu and Xia (2016) from a macroeconomic perspective**

*by*Leo Krippner

**The natural rate of interest in a nonlinear DSGE model**

*by*Yasuo Hirose & Takeki Sunakawa

**Unconventional monetary policy: interest rates and low inflation: A review of literature and methods**

*by*Mariarosaria Comunale & Jonas Striaukas

**Stagnation traps**

*by*Gianluca Benigno & Luca Fornaro

**Secular stagnation: Determinants and consequences for Australia**

*by*Grace Taylor & Rod Tyers

**The financial fragility of Estonian households: Evidence from stress tests on the HFCS microdata**

*by*Tairi RÃµÃµm & Jaanika MerikÃ¼ll

**Hoarding international reserves and global liquidity expansion, what are the links and do they matter?**

*by*Nady Rapelanoro

**Testing the Fisher Hypothesis in the G-7 Countries Using I(d) Techniques**

*by*Guglielmo Maria Caporale & Luis A. Gil-Alana

**Inefficient Liquidity Provision**

*by*John Geanakoplos & Kieran James Walsh

**Excess saving and low interest rates: Theory and empirical evidence**

*by*Bofinger, Peter & Ries, Mathias

**The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data**

*by*Gambacorta, Leonardo & Murcia, Andrés

**Instability, imprecision and inconsistent use of equilibrium real interest rate estimates**

*by*Beyer, Robert & Wieland, Volker

**"Low-For-Long” Interest Rates and Banks' Interest Margins and Profitability: Cross-Country Evidence**

*by*Claessens, Stijn & Coleman, Nicholas & Donnelly, Michael

**Ambiguity, Monetary Policy and Trend Inflation**

*by*Ricardo M. Masolo & Francesca Monti

**Testing the Fisher Hypothesis in the G-7 Countries Using I(d) Techniques**

*by*Guglielmo Maria Caporale & Luis A. Gil-Alana

**The effect of house prices on household borrowing: a new approach**

*by*Cloyne, James & Huber, Kilian & Ilzetzki, Ethan & Kleven, Henrik

**Central bank sentiment and policy expectations**

*by*Hubert, Paul & Labondance, Fabien

**Norwegian interbank market’s response to changes in liquidity policy**

*by*Q. Farooq Akram & Jon H. Findreng

**Forward guidance through interest rate projections: does it work?**

*by*Leif Brubakk & Saskia ter Ellen & Hong Xu

**Did Negative Interest Rates Impact Bank Lending?**

*by*Phil Molyneux & Rue Xie & John Thornton & Alessio Reghezza

**Segmented money markets and covered interest parity arbitrage**

*by*Dagfinn Rime & Andreas Schrimpf & Olav Syrstad

**Macroprudential policy and bank risk**

*by*Yener Altunbas & Mahir Binici & Leonardo Gambacorta

**Subjective Interest Rate Uncertainty and the Macroeconomy: A Cross-country Analysis**

*by*K. Istrefi & S. Mouabbi

**The collateral channel of unconventional monetary policy**

*by*Giuseppe Ferrero & Michele Loberto & Marcello Miccoli

**Monetary Policy Implementation in a Negative Rate Environment**

*by*Michael Boutros & Jonathan Witmer

**What Explains Month-End Funding Pressure in Canada?**

*by*Christopher S. Sutherland

**Modelos para los flujos de nuevo credito en EspaÃ±a**

*by*Jose Felix Izquierdo

**The impact of European banking consolidation on credit prices**

*by*Jose Maria Alvarez & Cristina Deblas & Jose Felix Izquierdo & Ana Rubio & Jaime Zurita

**Does Income Gap Matter for Household Debt Accumulation?**

*by*Mohd Afzanizam Abdul Rashid & Tamat Sarmidi & Abu Hassan Shaari Md Nor & Nor Ghani Md Noor

**Das Rätsel der Niedrigzinsphase**

*by*Stefan Homburg & Julia Knolle

**Fiscal deficit and inflation linkages in India: tracking the transmission channels**

*by*M. R. Anantha Ramu & K. Gayithri

**Yield curve responses to market sentiments and monetary policy**

*by*Markus Demary

**The real miss-specification in the forward rate premium puzzle**

*by*Amit K. Sinha & Philip A. Horvath & Robert C. Scott

**Alpha-CIR model with branching processes in sovereign interest rate modeling**

*by*Ying Jiao & Chunhua Ma & Simone Scotti

**Effectiveness of monetary policy: evidence from Turkey**

*by*S. Burcu Avci & Eray Yucel

**Searching for the Fed’s reaction function**

*by*Katrin Wölfel & Christoph S. Weber

**Determinants of Banks’ Net Interest Margins in Honduras**

*by*Koffie Nassar & Edder Martinez & Anabel Pineda

**Macroeconomic Effects of Monetary Policy Shocks**

*by*Kishan Abeygunawardana & Chandranath Amarasekara & C. D. Tilakaratne

**Secular Stagnation in Non-EMU European Countries : Equilibrium Real Rate Approach**

*by*Klose, Jens

**Excess Reserves and Monetary Policy Implementation**

*by*Roc Armenter & Benjamin Lester

**Deflace, odklad spotřeby a hospodářské krize: rétorika centrálních bank vs. ekonomická literatura**

*by*Lukáš Kovanda & Martin Komrska

**Real Interest Rate Channel from the Point of View of Chosen Theories of Investment**

*by*Lukáš Kučera

**Monetary Policy Accommodation at the Lower Bound**

*by*Signe Krogstrup

**Are Stocks Real Assets? Sticky Discount Rates in Stock Markets**

*by*Michael Katz & Hanno Lustig & Lars Nielsen

**Resolving the Spanning Puzzle in Macro-Finance Term Structure Models**

*by*Michael D. Bauer & Glenn D. Rudebusch

**Combining Multivariate Volatility Forecasts: An Economic-Based Approach**

*by*João F. Caldeira & Guilherme V. Moura & Francisco J. Nogales & André A. P. Santos

**Optimum Monetary Policy in European Monetary Union**

*by*Mehdi Pedram

**Surprises, sentiments, and the expectations hypothesis of the term structure of interest rates**

*by*Cathy Yi-Hsuan Chen & Thomas C. Chiang

**The Dynamic Relationship Between Housing Prices and the Macroeconomy: Evidence from OECD Countries**

*by*N. Kundan Kishor & Hardik A. Marfatia

**Yield curve in India and its interactions with the US bond market**

*by*Krishna Prasanna & Subramaniam Sowmya

**The Impact Of Interest Rate Volatility On Stock Market Development: Evidence From Emerging Markets**

*by*Massomeh Hajilee & Omar M. Al Nasser

**Monitoring of Russia's Economic Outlook**

*by*Bozhechkova Alexandra & Trunin Pavel & Khromov Mikhail & Tsukhlo Sergey & Gurevich Vladimir & Zolotareva Anna

**Monitoring of Russia's Economic Outlook**

*by*Trunin Pavel & Ponomareva Ekaterina & Zubarevich Natalia & Kiyutsevskaya Anna & Larionova M. & Sakharov A. & Shelepov A. & Gurevich Vladimir & Magomedov R. & Rakhmangulov M.

**Monitoring of Russia's Economic Outlook**

*by*Drobyshevsky Sergey & Turuntseva Marina & Loginova Daria & Bozhechkova Alexandra & Trunin Pavel & Averkiev Vladimir

**Monitoring of Russia's Economic Outlook**

*by*Trunin Pavel & Khromov Mikhail & Tsukhlo Sergey & Uzun Vasily & Kaukin Andrey & Ponomarev Yuri & Kiyutsevskaya Anna & Miller Evgenia & Pleskachev Yuri & Khudko Elizaveta

**Monitoring of Russia's Economic Outlook**

*by*Bozhechkova Alexandra & Trunin Pavel & Khromov Mikhail & Tsukhlo Sergey & Gurevich Vladimir & Zolotareva Anna

**Monitoring of Russia's Economic Outlook**

*by*Trunin Pavel & Ponomareva Ekaterina & Zubarevich Natalia & Kiyutsevskaya Anna & Larionova M. & Sakharov A. & Shelepov A. & Gurevich Vladimir & Magomedov R. & Rakhmangulov M.

**Monitoring of Russia's Economic Outlook**

*by*Trunin Pavel & Khromov Mikhail & Tsukhlo Sergey & Uzun Vasily & Kaukin Andrey & Ponomarev Yuri & Kiyutsevskaya Anna & Miller Evgenia & Pleskachev Yuri & Khudko Elizaveta

**Monitoring of Russia's Economic Outlook**

*by*Drobyshevsky Sergey & Turuntseva Marina & Loginova Daria & Bozhechkova Alexandra & Trunin Pavel & Averkiev Vladimir

**Bond Premiums and the Natural Real Rate of Interest**

*by*Hakkio, Craig S. & Smith, Andrew Lee

**Towards an asymmetric long run equilibrium between stock market uncertainty and the yield spread. A threshold vector error correction approach**

*by*Evgenidis, Anastasios & Tsagkanos, Athanasios & Siriopoulos, Costas

**Do analysts' forecasts of term spread differential help predict directional change in exchange rates?**

*by*Baghestani, Hamid & Toledo, Hugo

**Invariance, observational equivalence, and identification: Some implications for the empirical performance of affine term structure models**

*by*Juneja, Januj

**Looking beyond banks’ average interest rate risk: Determinants of high exposures**

*by*Entrop, O. & von la Hausse, L. & Wilkens, M.

**Monetary policy deviations: A Bayesian state-space analysis**

*by*Scott, C. Patrick & Barari, Mahua

**The asymmetry of U.S. monetary policy: Evidence from a threshold Taylor rule with time-varying threshold values**

*by*Zhu, Yanli & Chen, Haiqiang

**Effectiveness of QE: An assessment of event-study evidence**

*by*Thornton, Daniel L.

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

*by*De Rezende, Rafael B.

**Monetary policy and financial spillovers: Losing traction?**

*by*Disyatat, Piti & Rungcharoenkitkul, Phurichai

**Risk assessment on euro area government bond markets – The role of governance**

*by*Boysen-Hogrefe, Jens

**The impact of monetary policy on corporate bonds under regime shifts**

*by*Guidolin, Massimo & Orlov, Alexei G. & Pedio, Manuela

**The impact of monetary policy on corporate bonds under regime shifts**

*by*Guidolin, Massimo & Orlov, Alexei G. & Pedio, Manuela

**The stability of short-term interest rates pass-through in the euro area during the financial market and sovereign debt crises**

*by*Avouyi-Dovi, S. & Horny, G. & Sevestre, P.

**Excess reserves, monetary policy and financial volatility**

*by*Primus, Keyra

**The equity-like behaviour of sovereign bonds**

*by*Dufour, Alfonso & Stancu, Andrei & Varotto, Simone

**Identifying and measuring the contagion channels at work in the European financial crises**

*by*Guidolin, Massimo & Pedio, Manuela

**The use and effectiveness of macroprudential policies: New evidence**

*by*Cerutti, Eugenio & Claessens, Stijn & Laeven, Luc

**Liquidity measures throughout the lifetime of the U.S. Treasury bond**

*by*Díaz, Antonio & Escribano, Ana

**Sovereign bond markets and financial volatility dynamics: Panel-GARCH evidence for six euro area countries**

*by*Ribeiro, Pedro Pires & Cermeño, Rodolfo & Curto, José Dias

**Term-structure modelling at the zero lower bound: Implications for estimating the forward term premium**

*by*Chung, Tsz-Kin & Hui, Cho-Hoi & Li, Ka-Fai

**The impact of fiscal rules on sovereign risk premia: International evidence**

*by*Thornton, John & Vasilakis, Chrysovalantis

**Hedging size risk: Theory and application to the US gas market**

*by*Roncoroni, Andrea & Id Brik, Rachid

**The role of oil prices in the forecasts of South African interest rates: A Bayesian approach**

*by*Gupta, Rangan & Kotzé, Kevin

**Career experience, political effects, and voting behavior in the Riksbank’s Monetary Policy Committee**

*by*Eichler, Stefan & Lähner, Tom

**Consistency and stability analysis of models of a monetary growth imperative**

*by*Richters, Oliver & Siemoneit, Andreas

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

*by*Hüning, Hendrik

**The expected real yield and inflation components of the nominal yield curve**

*by*Lange, Ronald H.

**How Islamic are Islamic banks? A non-linear assessment of Islamic rate – conventional rate relations**

*by*Sukmana, Raditya & Ibrahim, Mansor H.

**Solving endogenous regime switching models**

*by*Barthélemy, Jean & Marx, Magali

**On the choice of monetary policy rules for China: A Bayesian DSGE approach**

*by*Li, Bing & Liu, Qing

**Influencing Factors of Net Interest Margin in Turkish Banking Sector**

*by*Serhat Yuksel & Sinemis Zengin

**Do as I Do, and Also as I Say: Monetary Policy Impact on Brazil’s Financial Markets**

*by*Alicia Garcia-Herrero & Eric Girardin & Enestor Dos Santos

**Nothing under the Sun is Forever**

*by*Felix Hufeld

**La politique de taux bas et de taux négatifs : raisons et conséquences pour les banques**

*by*Olivier Klein

**Changes in persistence, spurious regressions and the Fisher hypothesis**

*by*Kruse Robinson & Ventosa-Santaulària Daniel & Noriega Antonio E.

**A model of the euro-area yield curve with discrete policy rates**

*by*Renne Jean-Paul

**ECB Monetary Policy Actions and the Economic Conditions of a Non-Euro Member: The Case of Croatia**

*by*Berisha Edmond

**Les crédits nouveaux à l’habitat des ménages : tendances récentes**

*by*URI, J.

**Asymmetric Effects on Financial Cycles in a Monetary Union with Diverging Country Preferences for Variable- and Fixed-Rate Mortgages**

*by*Michael Richter

**Determinants of Foreign Direct Investment in Romania: a Quantitative Approach**

*by*Calcedonia Enache & Fernando Merino

**Uncertainty at the Zero Lower Bound**

*by*Taisuke Nakata

**Safe Assets, Liquidity, and Monetary Policy**

*by*Pierpaolo Benigno & Salvatore Nisticò

**Optimal Monetary and Prudential Policies**

*by*Fabrice Collard & Harris Dellas & Behzad Diba & Olivier Loisel

**Targeting Long Rates in a Model with Segmented Markets**

*by*Charles T. Carlstrom & Timothy S. Fuerst & Matthias Paustian

**Liquidity Traps and Jobless Recoveries**

*by*Stephanie Schmitt-Grohé & Martín Uribe

**The Empirical Implications of the Interest-Rate Lower Bound**

*by*Christopher Gust & Edward Herbst & David López-Salido & Matthew E. Smith

**Euro-Area Quantitative Easing and Portfolio Rebalancing**

*by*Ralph S. J. Koijen & François Koulischer & Benoît Nguyen & Motohiro Yogo

**Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares**

*by*Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas

**Aggregate Demand and the Top 1 Percent**

*by*Adrien Auclert & Matthew Rognlie

**The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities**

*by*Marco Del Negro & Gauti Eggertsson & Andrea Ferrero & Nobuhiro Kiyotaki

**Determinants of Bank-Sovereign Distress**

*by*Raphael Espinoza & Miguel Segoviano

**Is Inflation Persistence Different in Reality?**

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

**Functioning of monetary and financial system and the depression of the Russian economy**

*by*V. Manevitch.

**Global-Soziale Marktwirtschaft und die Flüchtlingsfrage**

*by*von Weizsäcker, Carl Christian

**Sovereign Stress, Banking Stress, and Corporate Financing Costs in the Euro Area**

*by*Holtemöller, Oliver

**Regional Banking Instability and FOMC Voting**

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

**Forward Guidance under Disagreement - Evidence from the Fed’s dot projections**

*by*Detmers, Gunda-Alexandra

**Understanding Benign Liquidity Traps: The Case of Japan**

*by*Homburg, Stefan

**Spillovers of banking regulation: The effect of the German bank levy on the lending rates of regional banks and their local competitors**

*by*Haskamp, Ulrich

**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

**Why are policy real interest rates so high in Brazil? An analysis of the determinants of the Central Bank of Brazil's real interest rate**

*by*Balliester Reis, Thereza

**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

**The effect of conventional and unconventional euro area monetary policy on macroeconomic variables**

*by*Halberstadt, Arne & Krippner, Leo

**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

**Il Debito Pubblico Italiano Analisi Della Sua Composizione Dal 1999 Ad Oggi**

*by*Francesco Rossi & Riccardo Zanrossi

**Explaining the Failure of the Expectations Hypothesis with Short-Term Rates**

*by*Ranaldo, Angelo & Rupprecht, Matthias

**Unsecured and Secured Funding**

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**Time Series Analysis of the Expectations Hypothesis for the Japanese Term Structure of Interest Rates in the Presence of Multiple Structural Breaks**

*by*Sugita, Katsuhiro

**Can a time-varying equilibrium real interest rate explain the excess sensitivity puzzle?**

*by*Alexius, Annika & Welz, Peter

**Measuring Expectations**

*by*Kjellberg, David

**Chartist Trading in Exchange Rate Theory**

*by*Selander, Carina

**Does the Yield Spread Predict the Output Gap in the U.S.?**

*by*Zagaglia, Paolo

**The Predictive Power of the Yield Spread under the Veil of Time**

*by*Zagaglia, Paolo

**Life-Cycle Housing and Portfolio Choice with Bond Markets**

*by*van Hemert, Otto

**A Re-examination of the link between Real Exchange Rates and Real Interest Rate Differentials**

*by*Mathias Hoffmann & Ronald MacDonald

**Learning About the Term Structure and Optimal Rules for Inflation Targeting**

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

**On Simple Conditions for Mixed Equilibria in Dualistic Models. Part II: Degree of Coverage**

*by*Ana Paula Martins

**On Simple Conditions for Mixed Equilibria in Dualistic Models. Part I: Degree of Mobility**

*by*Ana Paula Martins

**A Two-Stage Realized Volatility Approach to Estimation of Diffusion Processes with Discrete**

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

**Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia**

*by*Kerstin Bernoth & Guntram Wolff

**Uncovering Yield Parity: A new insight into the UIP puzzle through the stationarity of long maturity forward rates**

*by*Zsolt Darvas & Gábor Rappai & Zoltán Schepp

**Monetary Policy, the Bond Market, and Changes in FOMC Communication Policy**

*by*Troy Davig & Jeffrey R. Gerlach

**Money and Production, and Liquidity Trap**

*by*Pradeep Dubey & John Geanakoplos

**The Term Structure of Interest Rates in the European Union**

*by*Minoas Koukouritakis & Leo Michelis

**New-Keynesian Macroeconomics and the Term Structure**

*by*Bekaert, Geert & Cho, Seonghoon & Moreno Ibáñez, Antonio

**Learning About the Term Structure and Optimal Rules for Inflation Targeting**

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

**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

**Tasa De Rendimiento De Capital De Colombia Para El Período Entre 1990-2001**

*by*Ana María Tribín Uribe

**La Tasa de Interés Natural en Colombia**

*by*Juan José Echavarría & Enrique López Enciso & Martha Misas Arango & Juana Tellez Corredor

**Interest Rate Pass-Through In Colombia: A Micro- Banking Perspective**

*by*Rocío Betancourt & Hernando Vargas & Norberto Rodríguez Niño

**Efectos de los cambios en la tasa de intervención del Banco de la República sobre la estructura a plazo**

*by*Luis Eduardo Arango & Andrés González & Jhon Jairo León & Luis Fernando Melo

**Taux d’intérêt et marchés boursiers : une analyse empirique de l’intégration financière internationale**

*by*vladimir Borgy & Valérie Mignon

**The Role of the IMF in Well-Performing Low-Income Countries**

*by*Steve Radelet

**Does Money Matter in the ECB Strategy? New Evidence Based on ECB Communication**

*by*Helge Berger & Jan-Egbert Sturm

**Foreign Exchange Risk Premium Determinants: Case of Armenia**

*by*Tigran Poghosyan & Evzen Kocenda

**Monetary policy before and after the euro: Evidence from Greece**

*by*Arghyrou, Michael G

**Interest Rate Clustering in UK Financial Services Markets**

*by*John K. Ashton & Robert Hudson

**Macroeconomic Models and the Yield Curve: An assessment of the Fit**

*by*Chadha, J.S. & Holly, S.

**Monetary Policy and the Yield Curve at Zero Interest: The Macro-Finance Model of Interest Rates as Options**

*by*Hibiki Ichiue & Yoichi Ueno

**The Use of the Black Model of Interest Rates as Options for Monitoring the JGB Market Expectations**

*by*Yoichi Ueno & Naohiko Baba & Yuji Sakurai

**Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses**

*by*Hiroshi Ugai

**Monetary Policy Rules under Heterogeneous Inflation Expectations**

*by*Sophocles N. Brissimis & Nicholas S. Magginas

**Monetary policy and rejections of the expectations hypothesis**

*by*Ravenna, Federico & Seppälä, Juha

**Money market volatility : a simulation study**

*by*Kempa, Michal

**Term Structure Anomalies: Term Premium or Peso problem?**

*by*JARDET, C.

**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

**An empirical analysis of national differences in the retail bank interest rates of the euro area**

*by*Massimiliano Affinito & Fabio Farabullini

**House prices and real interest rates in Spain**

*by*Juan Ayuso & Roberto Blanco & Fernando Restoy

**Can Affine Term Structure Models Help Us Predict Exchange Rates?**

*by*Antonio Diez de los Rios

**A comparative Long-memory Analysis between Spanish, Mexican and U.S. interest rates**

*by*Fernando Espinosa Navarro & Klender Cortez & Roman Jordi Adillon Boladeres

**Forecasting US bond yields at weekly frequency**

*by*Riccardo LUCCHETTI & Giulio PALOMBA

**An interpretation of an affine term structure model of Chile**

*by*J.Marcelo Ochoa

**Spot and foward market intervention during the 1997 Korean currency crisis**

*by*Woosik Moon & Yeongseop Rhee

**Spot and foward market intervention during the 1997 Korean currency crisis**

*by*Woosik Moon & Yeongseop Rhee

**An Investigation of the German Dominance Hypothesis in the Context of Eastern Enlargement of the EU**

*by*Mete Feridun

**Budget Deficit and Interest Rates**

*by*Zdeněk Dvorný

**Glenn Rudebusch’s View on the Targeting of Short-Term Interest Rates**

*by*Karel Brůna

**Globalisation and monetary policy**

*by*J. Boeckx

**Globalisation and monetary policy**

*by*J. Boeckx

**Whom should we believe? Information content of the yield curve and analysts’ expectations**

*by*Péter Gábriel & Klára Pintér

**A devizakötvény-felárak és a hitelminősítések összefüggése - keresztmetszeti elemzés. A cross-section analysis**

*by*Kocsis, Zalán & Mosolygó, Zsuzsa

**EMU and the transmission of monetary policy: evidence from business lending rates**

*by*Boris Hofmann

**The Bond Yield "Conundrum" from a Macro-Finance Perspective**

*by*Glenn D. Rudebusch & Eric T. Swanson & Tao Wu

**Financial Market Functioning and Monetary Policy: Japan fs Experience**

*by*Naohiko Baba

**The Bank of Japan's Monetary Policy and Bank Risk Premiums in the Money Market**

*by*Naohiko Baba & Motoharu Nakashima & Yosuke Shigemi & Kazuo Ueda

**Time-Varying Risk Premia in the Single European Treasury Bill Market**

*by*Nikolaos Mylonidis

**On The Fisher Effect And Inflation Dynamics In Low-Income Countries: An Assessment Of Sub-Saharan Africa Economies**

*by*NANDWA, Boaz

**The Role of Global Risk Aversion in Explaining Sovereign Spreads**

*by*Alicia Garcia-Herrero & Alvaro Ortiz

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

*by*Carlos Andrés Amaya

**Règle de Taylor vs Règle-icm. Application à la zone euro**

*by*Grégory Levieuge

**Libéralisation de la rémunération des dépôts à vue en France : premier bilan**

*by*FONTENY, E. & KIERZENKOWSKI, R. & LASCAR, J.

**Modélisation et analyse des mécanismes du Club de Paris de rachat de créances par prépaiement**

*by*DANIEL, L. & MANAS, A.

**Analyse des taux de soumission aux appels d’offres de l’Eurosystème**

*by*LECINQ, F.

**How the Bundesbank really conducted monetary policy**

*by*Christina Gerberding & Franz Seitz & Andreas Worms

**Bond Yield Predictability and Estimation of Affine Term Structure Models**

*by*Bovorn Vichiansin

**Using a Nonlinear Filter to Estimate a Multifactor Term Structure Model with Gaussian Mixture Innovations**

*by*Wolfgang Lemke

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

*by*Refet GÃ¼rkaynak & Brian Sack

**Central bank power is a matter of faith**

*by*Bengtsson, Ingemar

**A Note on Deficit, Implicit Debt, and Interest Rates**

*by*Zijun Wang

**The Elasticity of Substitution across Maturities in International Capital Markets: A Simple Test**

*by*Drakos, Konstantinos

**Dibs Faiz Oranlarında Oynaklığın Koşulu Değişen Varyans Modeli İle Tahmini Ve Öngörülmesi**

*by*Kıvılcım M. ÖZCAN & Suat AYDIN

**Does it Pay to Watch Central Bankers' Lips? The Information Content of ECB Wording**

*by*Heinemann, Friedrich & Ullrich, Katrin

**The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy**

*by*Schnabl, Gunther & Danne, Christian

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

*by*Blaskowitz, Oliver J. & Herwartz, Helmut & de Cadenas Santiago, Gonzalo

**Liquidity Preference Theory Revisited—To Ditch or to Build on It?**

*by*Joerg Bibow

**Modeling Interest Rate Transmission Dynamics In Greece. Is There Any Structural Break After Emu?**

*by*DIONYSIOS CHIONIS & COSTAS LEON

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

*by*Andrea Monticini & Giacomo Vaciago

**Interest Rate Rules and the Response to the Output Gap**

*by*Juan Paez-Farrell

**The CNB’s Policy Decisions – Are They Priced in by the Markets?**

*by*David Navrátil & Viktor Kotlán

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

*by*ALICIA GARCIA HERRERO & ALVARO ORTIZ

**The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy**

*by*Gunther Schnabl & Christian Danne

**Expectations, Bond Yields and Monetary Policy**

*by*Albert Lee Chun

**Libor Market Model and Gaussian HJM explicit approaches to option on composition**

*by*Marc Henrard

**Convexity adjustment and delivery option in Australian dollar 90 Day Bills Futures**

*by*Marc Henrard

**Modelling International Bond Markets with Affine Term Structure Models**

*by*Georg Mosburger & Paul Schneider

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

*by*Karlo Kauko

**The intraday price of money: evidence from the e-MID market**

*by*Angelo Baglioni & Andrea Monticini

**Bermudan swaptions in Hull-White one-factor model: analytical and numerical approaches**

*by*Marc Henrard

**Bond Yield Compression in the Countries Converging to the Euro**

*by*Lucjan T. Orlowski & Kirsten Lommatzsch &

**A New Framework for Yield Curve, Output and Inflation Relationships**

*by*Leo Krippner

**A New Framework for Yield Curve, Output and Inflation Relationships**

*by*Leo Krippner

**Attributing Returns and Optimising United States Swaps Portfolios Using an Intertemporally-Consistent and Arbitrage-Free Model of the Yield Curve**

*by*Leo Krippner

**Attributing Returns and Optimising United States Swaps Portfolios Using an Intertemporally-Consistent and Arbitrage-Free Model of the Yield Curve**

*by*Leo Krippner

**Investigating the Relationships between the Yield Curve, Output and Inflation using an Arbitrage-Free Version of the Nelson and Siegel Class of Yield Curve Models**

*by*Leo Krippner

**Investigating the Relationships between the Yield Curve, Output and Inflation using an Arbitrage-Free Version of the Nelson and Siegel Class of Yield Curve Models**

*by*Leo Krippner

**An Intertemporally-Consistent and Arbitrage-Free Version of the Nelson and Siegel Class of Yield Curve Models**

*by*Leo Krippner

**An Intertemporally-Consistent and Arbitrage-Free Version of the Nelson and Siegel Class of Yield Curve Models**

*by*Leo Krippner

**A Control Variate Method for Monte Carlo Simulations of Heath-Jarrow-Morton with Jumps**

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

**The Volatility Structure of the Fixed Income Market under the HJM Framework: A Nonlinear Filtering Approach**

*by*Carl Chiarella & Hing Hung & Thuy-Duong To

**The Multifactor Nature of the Volatility of the Eurodollar Futures Market**

*by*Carl Chiarella & Thuy-Duong To

**A note on the Malliavin differentiability of the Heston volatility**

*by*Elisa Alòs & Christian-Olivier Ewald

**New-Keynesian Macroeconomics and the Term Structure**

*by*Seonghoon Cho & Antonio Moreno & Geert Bekaert

**Labor Income and the Demand for Long-term Bonds**

*by*Koijen, R.S.J. & Nijman, T.E. & Werker, B.J.M.

**Expectations, Bond Yields and Monetary Policy**

*by*Albert Lee Chun

**Curve Forecasting by Functional Autoregression**

*by*A. Onatski & V. Karguine

**TIPS: Taking Inflation Premium Seriously**

*by*Min Wei & Stefania D'Amico & Don H. Kim

**The Recent Shift in Term Structure Behavior from a No-Arbitrage Macro-Finance Perspective**

*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 & Martínez, María Isabel & Navarro, Eliseo & Rubio Irigoyen, Gonzalo

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

*by*Carlo Rosa & Giovanni Verga

**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

**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

**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

**Global monetary instability: The role of the IMF, the EU and NAFTA**

*by*A. G. Malliaris

**Equity And Oil Markets Under External Shocks**

*by*Jorge Urrutia & A. G. Malliaris

**Oil And World Stock Markets' Reaction To The Gulf Crisis**

*by*A. G. Malliaris & Jorge L. Urrutia

**The Impact Of The Persian Gulf Crisis On National Equity Markets**

*by*A. G. Malliaris & Jorge L. Urrutia

**The International Crash of October 1987: Causality Tests**

*by*A. G. Malliaris & Jorge L. Urrutia

**Monetary Policy And The U.S. Stock Market**

*by*MARC D. HAYFORD & A. G. MALLIARIS

**How did the Fed react to the 1990s stock market bubble? Evidence from an extended Taylor rule**

*by*M. D. Hayford & A. G. Malliaris

**Is The Federal Reserve Stock Market Bubble-Neutral?**

*by*Marc D. Hayford & A. G. Malliaris

**Are There Rational Bubbles In The U.S Stock Market? Overview And A New Test**

*by*Ramaprasad Bhar & A. G. Malliaris

**Multi-Fractality in Foreign Currency Markets**

*by*Marco Corazza & A. G. Malliaris

**European Stock Market Fluctuations: Short And Long Term Links**

*by*A. G. Malliaris & Jorge L. Urrutia

**Chaotic Behavior in Prices of European Equity Markets: A Comparative Analysis of Major Economic Regions**

*by*George C. Philippatos & Efi Pilarinu & A. G. Malliaris

**Methodological issues in asset pricing: Random walk or chaotic dynamics**

*by*A. G. Malliaris & Jerome L. Stein

**Money, inflation and interest rates: Illustrations from twelve European economies**

*by*A. G. Malliaris & Silvana Stefani

**Several Illustrations of the Quantity Theory of Money: 1947–1987 and 1867–1975**

*by*A. G. MALLIARIS

**Decomposition of Inflation and its Volatility: A Stochastic Approach**

*by*A. G. MALLIARIS & MARY E. MALLIARIS

**Interest rates and inflation: A continuous time stochastic approach**

*by*A. G. Malliaris & Walter F. Mullady & M. E. Malliaris

**An empirical investigation among real, monetary and financial variables**

*by*A. G. Malliaris & Jorge L. Urrutia

**How big is the random walk in macroeconomic time series: Variance ratio tests**

*by*A. G. Malliaris & Jorge L. Urrutia

**Asymptotic Growth under Uncertainty: Existence and Uniqueness**

*by*FWU-RANQ CHANG & A. G. MALLIARIS

**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

**Special Data Section Domestic Debt Markets in Sub-Saharan Africa**

*by*Jakob Christensen

**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

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*by*John B. Taylor

**Some Lessons from the Yield Curve**

*by*John Y. Campbell

**Explaining Devaluation Expectations in the EMS**

*by*Stenfors, Alexis & Söderström, Ulf

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

*by*Henry, Jerome & Jens Weidmann

**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**

*by*Henry, Jerome & Jens Weidmann

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

*by*Masson, Paul R

**Investition, Finanzierung und Sparen: einige Implikationen der Keynes-Robertson-Kontroverse über den "Revolving Fund"**

*by*Hein, Eckhard

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

*by*Bennett T. McCallum

**Reverse Engineering the Yield Curve**

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

**The Simplest Test of Inflation Target Credibility**

*by*Svensson, Lars E O

**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**

*by*Christopher F. Baum & Olin Liu

**Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy**

*by*Carlo Cottarelli & Angeliki Kourelis

**Testing the Credibility of Belgium's Exchange Rate Policy**

*by*Ioannis Halikias

**Riesgos bancarios y tipo de interés**

*by*Ricardo Laiseca Asla

**La economía venezolana**

*by*Javier Fernández Riva

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

*by*Hamid Baghestani

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

*by*Hamid Baghestani

**The Simplest Test of Inflation Target Credibility**

*by*Lars E.O. Svensson

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

*by*Lars E.O. Svensson

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

*by*Pierluigi Balduzzi & Giuseppe Bertola & Silverio Foresi

**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**

*by*Drudi, Francesco & Prati, Alessandro

**Liquidity and Financial Intermediation**

*by*DUTTA, Jayasri & KAPUR, Sandeep

**French-German Interest Rate Differentials and Time-Varying Realignment Risk**

*by*Francesco Caramazza

**Asymmetry in the ERM: A Case Study of French and German Interest Rates Before and After German Unification**

*by*Edward H. Gardner & William R. M. Perraudin

**La demanda de dinero en el corto y en el largo plazo en Colombia**

*by*Santiago Herrera A. & Juan Manuel Julio

**Economía mexicana**

*by*Nohora Isabel Vargas

**Economía Ecuatoriana**

*by*Blanca Amalia Llorente & Lucía Victoria Beltrán

**The Reform of Federal Deposit Insurance**

*by*Cebula, Richard

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

*by*Cebula, Richard

**Imperfect capital markets and persistence of initial wealth inequalities**

*by*Thomas Piketty

**Inflation and the Interest Rate in 1991**

*by*Maria Zhecheva & Roumen Avramov & Valentin Chavdarov

**Инфлацията И Лихвения Процент През 1991 Г**

*by*Maria Zhecheva & Roumen Avramov & Valentin Chavdarov

**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**

*by*Giovannini, Alberto

**Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications**

*by*Hamid Faruqee

**Fisherian Transmission and Efficient Arbitrage under Partial Financial Indexation: The Case of Chile**

*by*Enrique G. Mendoza

**La política monetaria en españa: la historia reciente y la crisis en 1992**

*by*Antonio Argandoña

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

*by*Patricia Correa

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

*by*Simon, Julian L

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

*by*Helmut Reisen & Hélène Yèches

**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**

*by*Clark, Gregory

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

*by*Søren Johansen & Katarina Juselius

**Large Deficits Produce High Interest Rates**

*by*Cebula, Richard & Schwartzburt, Mark & Scott, Gerald

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

*by*Cebula, Richard & Scott, Gerald

**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)**

*by*Martin Shubik & D.P. Tsomocos

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

*by*Assadian, Afsaneh & Cebula, Richard

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

*by*Cebula, Richard & Koch, James

**What is the role of the interest rate?**

*by*Luis E. Rivero Medina

**Currency speculation and dollar fluctuations**

*by*Stephan Schulmeister

**Currency speculation and dollar fluctuations**

*by*Stephan Schulmeister

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

*by*Cebula, Richard

**Macroeconomía del sistema bancario: Un modelo aplicado a Colombia**

*by*Eduardo Lora Torres

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

*by*Glenn Jenkins & GRAHAM GLENDAY & DEVENDRANAUTH MISIR

**A Note on "Crowding Out" in the United States**

*by*Cebula, Richard & Cebula, Barbara

**The Role Of Canadian And United States Monetary Policy In The Determination Of Interest Rates In Canada**

*by*Glenn Jenkins & HENRY LIM

**Análisis del mercado de eurodólares: origen, desarrollo y consecuencias**

*by*Luis Rául Seyffert

**The Role of the United States Monetary Stock in a Model of the Canadian Economy**

*by*Glenn Jenkins

**The Determinants Of The Nominal Interest Rate**

*by*Glenn Jenkins & HENRY LIM

**New Hope for the Fisher Effect? A Re-Examination Using Threshold Cointegration**

*by*Jens Weidmann

**Dynamic Factor Models with Smooth Loadings for Analyzing the Term Structure of Interest Rates**

*by*Borus Jungbacker & Siem Jan Koopman & Michel van der Wel

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

*by*Joseph P. Romano & Michael Wolf

**Beta Regimes for the Yield Curve**

*by*Francesco Audrino & Enrico De Giorgi

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

*by*Christian Ewerhart & Nuno Cassola & Steen Ejerskov & Natacha Valla

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

*by*Peter A.G. VanBergeijk & Jan Marc Berk

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

*by*Peter Spencer & Zhuoshi Liu

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

*by*B. Pesaran & G. Wright

**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**

*by*Mariana GarcÄ±a-Schmidt & Michael Woodford

**Analyzing the Taylor Rule with Wavelet Lenses**

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

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

*by*Giorgio Di Giorgio & Salvatore Nisticï¿½

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

*by*Jesus Crespo Cuaresma & Tomas Slacik

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

*by*Shi Chen & Wolfgang Karl Härdle & Weining Wang &

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

*by*Chris Florackis & Alexandros Kontonikas & Alexandros Kostakis

**Monetary Policy and Leverage Shocks**

*by*Apostolos Serletis

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

*by*Eric JONDEAU & Michael ROCKINGER

**Linear-Rational Term Structure Models**

*by*Damir FILIPOVIC & Martin LARSSON & Anders TROLLE

**Understanding Asset Correlations**

*by*Henrik Hasseltoft & Dominic Burkhardt

**Time-Changed LÃ©vy LIBOR Market Model: Pricing and Joint Estimation of the Cap Surface and Swaption Cube**

*by*Markus Leippold & Jacob Stromberg

**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

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

*by*Torben B. Rasmussen