منابع مشابه
The Real Bills Doctrine
With recession lingering and interest rates remaining high, one hears increasingly that the Fed should abandon its money growth targets and move to a policy of lowering interest rates to full employment levels. All would be well, we are told, if only the Fed would set a fixed low interest rate target consistent with full employment and then let the money stock adjust to money demand to achieve ...
متن کاملNominal Bonds, Real Bonds, and Equity∗
We decompose the term structure of expected equity returns into (1) the real short rate, (2) a premium for holding real long-term bonds, or the real duration premium, the excess returns of nominal long-term bonds over real bonds which reflects (3) expected inflation and (4) inflation risk, and (5) a real cashflow risk premium, which is the excess return of equity over nominal bonds. The shape o...
متن کاملUnderstanding Term Premia on Real Bonds∗
This paper studies the dynamic behavior and determinants of risk premia on real bonds, using GDTSMs. We find that the real term structure itself contains a component that drives risk premia but is undetectable from cross section of bond yields. In addition, we present evidence on the link between real bond premia and macroeconomic variables. More specifically, we find that macro factors associa...
متن کاملLifting as a KZ-Doctrine
Synopsis. In a cartesian closed category with an initial object and a dominance that classiies it, an intensional notion of approximation between maps |the path relation (c.f. link relation)| is deened. It is shown that if such a category admits strict/upper-closed factorisations then it preorder-enriches (as a cartesian closed category) with respect to the path relation. By imposing further ax...
متن کاملEmpirical Doctrine
We can observe and measure how legal decision makers use formal legal authorities, but there is no way to empirically test the determinative capacity of legal doctrine itself. Yet discussions of empirical studies of judicial behavior sometimes conflate judges’ attention to legal rules with legal rules determining outcomes. Doctrinal determinacy is not the same thing as legal predictability. The...
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ژورنال
عنوان ژورنال: Journal of Asian Development Research
سال: 2020
ISSN: 2633-190X,2633-1918
DOI: 10.1177/2633190x20984417