## 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

**Post-Retirement Discounting in Estate Loss Calculations and the Net Discount Rate**

*by*Fred Abraham & David R. Hakes

**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

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

*by*Georg Fahrenschon

**Designing QE to overcome the lower bound constraint on interest rates in a fiscally sound monetary union**

*by*Bletzinger, Tilman & von Thadden, Leopold

**Quantitative Easing in the Euro Area - An Event Study Approach**

*by*Urbschat, Florian & Watzka, Sebasitan

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

*by*Grosse Steffen, Christoph & Podstawski, Maximilian

**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

**(Un)expected monetary policy shocks and term premia**

*by*Kliem, Martin & Meyer-Gohde, Alexander

**The Fisher paradox: A primer**

*by*Gerke, Rafael & Hauzenberger, Klemens

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

*by*Möhlmann, Axel

**European spreads at the interest rate lower bound**

*by*Laura Coroneo & Sergio Pastorello

**Monetary Policy Shifts and Central Bank Independence**

*by*Qureshi, Irfan

**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 Policy 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

**Flow specific capital controls for emerging markets**

*by*Chris Garbers & Guangling Liu

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

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

**Overcoming the Original Sin: Gains from Local Currency External Debt**

*by*Ricardo Sabbadini

**The response of long-term yields to negative interest rates: evidence from Switzerland**

*by*Christian Grisse & Silvio Schumacher

**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

**The Liquidity-Augmented Model of Macroeconomic Aggregates**

*by*Athanasios Geromichalos & Lucas Herrenbrueck

**Irrationality and Term Structure Anomaly**

*by*I Doun Kuo

**Monetary Policy and Bank Profitability in a Low Interest Rate Environment**

*by*Carlo Altavilla & Miguel Boucinha & José-Luis Peydró

**Predicting Inflation and Output in Pakistan: The Role of Yield Spread**

*by*Fida Hussain & Asif Mahmood

**Flow specific capital controls for emerging markets**

*by*Chris Garbers & Guangling Liu

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

*by*Mariarosaria Comunale & Jonas Striaukas

**Equilibrium Real Interest Rates and Secular Stagnation: An Empirical Analysis for Euro-Area Member Countries**

*by*Ansgar Belke & Jens Klose

**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

**Volatility Spillovers between Interest Rates and Equity Markets of Developed Economies: A Note**

*by*Wilson Donzwa & Rangan Gupta & Mark E. Wohar

**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

**Redistributive Tax Policy at the Zero Bound**

*by*Lancastre, Manuel

**Is there a Link between Profit Share Rate of Participation Banks and Interest Rate?[:] The Case of Turkey**

*by*Korkut, Cem & Özgür, Önder

**Macroeconomic Determinants of MIR Rate: Evidence from the Euro area**

*by*Anastasiou, Dimitrios

**Correlation between Maltese and euro area sovereign bond yields**

*by*Ellul, Reuben

**What do the shadow rates tell us about future inflation?**

*by*Kuusela, Annika & Hännikäinen, Jari

**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

**A time-frequency analysis of the Canadian macroeconomy and the yield curve**

*by*Mustapha Olalekan Ojo & Luís Aguiar-Conraria & Maria Joana Soares

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

*by*Juan Pablo Mateo

**The Effect of House Prices on Household Borrowing: A New Approach**

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

**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

**An Inquiry Concerning Long-term US Interest Rates Using Monthly Data**

*by*Tanweer Akram & Huiqing Li

**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

**"Whatever it takes" to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects**

*by*António Afonso & Michael G. Arghyrou & María Dolores Gadea & Alexandros Kontonikas

**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

**(Un)expected Monetary Policy Shocks and Term Premia**

*by*Martin Kliem & Alexander Meyer-Gohde

**Why are real interest rates so low? Evidence from a structural VAR with sign restrictions**

*by*Alexius, Annika

**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

**Trend and Uncertainty in the Long-Term Real Interest Rate: Bayesian Exponential Tilting with Survey Data**

*by*Doh, Taeyoung

**Communicating Monetary Policy Rules**

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

**On Interest Rate Policy and Asset Bubbles**

*by*Allen, Franklin & Barlevy, Gadi & Gale, Douglas

**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

**Did QE Lead Banks to Relax Their Lending Standards? Evidence from the Federal Reserve's LSAPs**

*by*Robert J. Kurtzman & Stephan Luck & Thomas Zimmermann

**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

**Endogenous Regime Switching Near the Zero Lower Bound**

*by*Lansing, Kevin J.

**Interest Rates Under Falling Stars**

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

**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

**Interest Rates Modeling and Forecasting: Do Macroeconomic Factors Matter?**

*by*Adam Kucera

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

*by*Diana Zigraiova & Petr Jakubik

**A Calibration of the Shadow Rate to the Euro Area Using Genetic Algorithms**

*by*Eric McCoy & Ulrich Clemens

**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

**Assessing the effective stance of monetary policy: A factor-based approach**

*by*Christiaan Pattipeilohy & Christina Bräuning & Jan Willem van den End & Renske Maas

**Applying complexity theory to interest rates: Evidence of critical transitions in the euro area**

*by*Jan Willem van den End

**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

**The Private Production of Safe Assets**

*by*Kacperczyk, Marcin & Perignon, Christophe & Vuillemey, Guillaume

**Stagnant productivity and low unemployment: stuck in a Keynesian equilibrium**

*by*Carlin, Wendy & Soskice, David

**Managing the UK National Debt 1694-2017**

*by*Ellison, Martin & Scott, Andrew

**Macroprudential policy and bank risk**

*by*Altunbas, Yener & Binici, Mahir & Gambacorta, Leonardo

**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

**Updating the Ultimate Forward Rate over Time: A Possible Approach**

*by*Diana Zigraiova & Petr Jakubik

**The Effect of News Shocks and Monetary Policy**

*by*Luca Gambetti & Dimitris Korobilis & John D. Tsoukalas & Francesco Zanetti

**Managing the UK National Debt 1694-2017**

*by*Martin Ellison & Andrew Scott

**Ambiguity, Monetary Policy and Trend Inflation**

*by*Ricardo M. Masolo & Francesca Monti

**Landlockedness and Economic Development: Analyzing Subnational Panel Data and Exploring Mechanisms**

*by*Michael Jetter & Saskia Moesle & David Stadelmann

**Quantitative Easing in the Euro Area - An Event Study Approach**

*by*Florian Urbschat & Sebastian Watzka

**"Whatever it takes" to Resolve the European Sovereign Debt Crisis? Bond Pricing Regime Switches and Monetary Policy Effects**

*by*AntÃ³nio Afonso & Michael G. Arghyrou & MarÃa Dolores Gadea & Alexandros Kontonikas

**How Do Banks and Households Manage Interest Rate Risk? Evidence from the Swiss Mortgage Market**

*by*Christoph Basten & Benjamin Guin & CathÃ©rine Tahmee Koch

**Monetary Momentum**

*by*Andreas Neuhierl & Michael Weber

**Interest Rates Under Falling Stars**

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

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

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

**?Whatever it takes? to resolve the European sovereign debt crisis? Bond pricing regime switches and monetary policy effects**

*by*Afonso, Ant¢nio & Arghyrou, Michael G & Gadea, Mar¡a Dolores & Kontonikas, Alexandros

**Structural Factor Analysis of Interest Rate Pass Through In Four Large Euro Area Economies**

*by*Anindya Banerjee & Victor Bystrov & Paul Mizen

**Aggregate and Firm level volatility: the role of acquisitions and disposals**

*by*Devonald, L. & Higson, C. & Holly, S.

**Unconventional Monetary Policy and the Interest Rate Channel: Signalling and Portfolio Rebalancing**

*by*Lloyd, S. P.

**Estimating Nominal Interest Rate Expectations: Overnight Indexed Swaps and the Term Structure**

*by*Lloyd, S. P.

**Overnight Indexed Swap Market-Based Measures of Monetary Policy Expectations**

*by*Lloyd, S. P.

**The risk-taking channel of monetary policy in the US : Evidence from corporate loan data**

*by*Delis, Manthos D. & Hasan, Iftekhar & Mylonidis, Nikolaos

**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

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

*by*Dagfinn Rime & Andreas Schrimpf & Olav Syrstad

**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

**Effect of Banking Sector Resolution on Competition and Stability**

*by*Anna Kruglova & Yulia Ushakova

**Interest rates and house prices in the United States and around the world**

*by*Gregory Sutton & Dubravko Mihaljek & Agnė Subelytė

**Demographics will reverse three multi-decade global trends**

*by*Charles Goodhart & Manoj Pradhan

**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

**The Interest of Being Eligible**

*by*J-S.Mésonnier & C. O’Donnell & O. Toutain

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

*by*K. Istrefi & S. Mouabbi

**Natural rates across the Atlantic**

*by*Stefano Neri & Andrea Gerali

**Macroeconomic effects of non-standard monetary policy measures in the euro area: the role of corporate bond purchases**

*by*Anna Bartocci & Lorenzo Burlon & Alessandro Notarpietro & Massimiliano Pisani

**Low frequency drivers of the real interest rate: a band spectrum regression approach**

*by*Fabio Busetti & Michele Caivano

**The effects of central bank’s verbal guidance: evidence from the ECB**

*by*Maddalena Galardo & Cinzia Guerrieri

**The collateral channel of unconventional monetary policy**

*by*Giuseppe Ferrero & Michele Loberto & Marcello Miccoli

**Monetary policy in a low interest rate environment**

*by*Stefano Neri & Giuseppe Ferrero

**Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada**

*by*Julien Champagne & Rodrigo Sekkel

**Optimal Estimation of Multi-Country Gaussian Dynamic Term Structure Models Using Linear Regressions**

*by*Antonio Diez de los Rios

**Quantitative Easing and Long-Term Yields in Small Open Economies**

*by*Antonio Diez de los Rios & Maral Shamloo

**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

**The Effect of News Shocks and Monetary Policy**

*by*Luca Gambetti & Dimitris Korobilis & John D. Tsoukalas & Francesco Zanetti

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

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

**El esquema de objetivos de inflación: Evidencia para América Latina (1999-2015)**

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

**Das Rätsel der Niedrigzinsphase**

*by*Stefan Homburg & Julia Knolle

**Wie stark und schnell wurden die Niedrigzinsen an Bankkunden weitergereicht?**

*by*Peter Hennecke

**Term structure forecasting in affine framework with time-varying volatility**

*by*Wali Ullah

**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

**Dynamic responses and tail-dependence among commodities, the US real interest rate and the dollar**

*by*Wanling Huang & André Varella Mollick & Khoa Huu Nguyen

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

*by*Katrin Wölfel & Christoph S. Weber

**Bank prudential and bank stability– how far do they go**

*by*Gerti Shijaku

**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

**Unwinding: A Tale of Corridors and Floors**

*by*Roger E.A. Farmer

**Negative Interest**

*by*Thorvaldur Gylfason

**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

**El efecto traspaso de la tasa de interés de política monetaria en Perú: evidencia reciente**

*by*Lahura, Erick

**Explaining trade imbalances in the euro area: Liquidity preference and the role of finance**

*by*Hubert Gabrisch

**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

**How The Central Bank Makes Decision On Interest Rates? A Comparative Analysis Of Forecast Importance**

*by*Magdalena Szyszko

**Demand-side factors of housing price increases in Turkey: Blanchard-Quah SVAR model**

*by*Hulya Deniz Karakoyun, & Nurtac Yildirim

**Monetary Policy Accommodation at the Lower Bound**

*by*Signe Krogstrup

**Monetary Policy and Inflation: Is there a Neo- Fisher Effect? Evidence from Inflation Targeting Countries in Central and Eastern Europe**

*by*PleÈ™cÄƒu Ioana

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

*by*Dongho Song

**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*JoÃ£o F. Caldeira & Guilherme V. Moura & Francisco J. Nogales & AndrÃ© A. P. Santos

**Optimum Monetary Policy in European Monetary Union**

*by*Mehdi Pedram

**Calibrating the Equilibrium Condition of a New Keynesian Model with Uncertainty**

*by*Kranz Tobias

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

*by*Jukka Ilomäki & Hannu Laurila

**A Small Scale Macroeconomic Model for Morocco**

*by*Youssef OUKHALLOU & Abla MRABTI

**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

**Monetary policy independence reconsidered: evidence from six non-euro members of the European Union**

*by*Hubert Gabrisch

**Bailout Clauses and the Price of Credit: The Dutch Experience for Housing Corporations**

*by*Jacob Veenstra & Bernard Ommeren

**Determinants of the spread of bank interests in Bangladesh**

*by*Sayera Younus & Akhtaruzzaman

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

*by*Massomeh Hajilee & Omar M. Al Nasser

**Demand for Money in Bolivia for the short-run (1995-2013)**

*by*Miguel Sebastiano Chalup Calmotti & Jaime Andrés Jurado Osinaga

**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**

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*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*Rosa, Carlo & Verga, Giovanni

**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

**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*Jes??s Crespo-Cuaresma & Bal??zs ??gert & 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

**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**

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**International Differences in Interest Rates**

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**Convergence of Discrete Time Options Pricing Models under Stochastic Rates**

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**Interest Rate Linkages in the Exchange Rate Mechanism : Tests for Asymmetry, German Dominance and Interest Rate Parity Using Daily Data Over 1990 to 1997**

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

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**Long-Term Interest Rate Convergence in Europe and the Probability of EMU**

*by*Angeloni, I. & Violi, R.

**Which alternative to choose: does the excess sensitivity hypothesis or a time varying term premium explain the failure of the rational expectations hypothesis of the term structure?**

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**An Empirical Analysis of the Impact of Federal Budget Deficits on Long-term Nominal Interest Rate Yields, 1973.2-1995.4, Using Alternative Expected Inflation Measures**

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**Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?**

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**The Ex Ante Predictive Accuracy of Alternative Models of the Term Structure of Interest Rates**

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**Le contenu en information de la pente des taux : application au cas des titres publics français**

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**The Structure of Interest Rates in Canada: Information Content about Medium-Term Inflation**

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**LIBOR and swap market models and measures (*)**

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**Continuous-time term structure models: Forward measure approach (*)**

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**Government deficit, ex post real long-term interest rates and causality**

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**Indexed Bonds and Monetary Policy: The Real Interest Rate and the Expected Rate of Inflation**

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**Análisis Coyuntural. I. Petróleo. II. evolución reciente de la tasa de cambio en Colombia**

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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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**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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**The Role of Short Rates and Foreign Long Rates in the Determination of Long-Term Interest Rates**

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

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**An Empirical Note on the Impact of the Federal Budget Deficit on Ex Ante Real Long-Term, Interest Rates, 1973-1995**

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**Inflation, Real Interest Rates, and the Bond Market: A Study of UK Nominal and Index-Linked Government Bond Prices**

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

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**Lognormality of Rates and Term Structure Models**

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**German Unification and the EMS: A Non-Parametric Approach to the Asymmetry Question**

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**Nonlinear Nonparametric Prediction of the 90-Day T-Bill Rate**

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*by*John Barkoulas & Christopher F. Baum

**Fractional Cointegration Analysis of Long Term International Interest Rates**

*by*John Barkoulas & Christopher F. Baum & Gurkan S. Oguz

**Nearest-Neighbor Forecasts of U.S. Interest Rates**

*by*John Barkoulas & Christopher F. Baum & Atreya Chakraborty

**Time-Varying Risk Premia in the Foreign Currency Futures Basis**

*by*John Barkoulas & Christopher F. Baum

**The Expectation Theory: Tests on French, German, and American Euro-Rates**

*by*Jondeau, E. & Ricart, R.

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

*by*Lynch, G-J & Ewing, B-T

**Forecasting Inflation from the Term Structure**

*by*Tzavalis, E. & Wickens, M.R.

**Regulatory Change and Bank Profitability in Italy**

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

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

*by*Andrew Mark Jeffrey

**The fundamental determinants of financial integration in the European Union**

*by*Lemmen, J.J.G. & Eijffinger, S.C.W.

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

*by*Allan W. Gregory & David G. Watt

**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**

*by*Gerlach, Stefan

**The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination**

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**Real Interest Rates and Central Bank Operating Procedures**

*by*Canzoneri, Matthew B & Dellas, Harris

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

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**Minimax Estimator for linear models with nonrandom disturbances**

*by*Christopeit, N. & V. L. Girko

**Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU**

*by*David Folkerts-Landau & Peter M. Garber

**Explaining devaluation expectations in the EMS**

*by*Ulf Söderström & Alexis Stenfors

**Interest rate and inflation expectations in Finland 1987-1994 : a case for the inverted fisher hypothesis**

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

*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**

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

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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**

*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**

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**The Reform of Federal Deposit Insurance**

*by*Cebula, Richard

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

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

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**Inflation and the Interest Rate in 1991**

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**Инфлацията И Лихвения Процент През 1991 Г**

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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**

*by*Giovannini, Alberto

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

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**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**

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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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**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**

*by*Cebula, Richard & Koch, James

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

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

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**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

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*by*Glenn Jenkins

**The Determinants Of The Nominal Interest Rate**

*by*Glenn Jenkins & HENRY LIM

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

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*by*Jens Weidmann

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**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