منابع مشابه
Interest Rates, ECB Communication and Inflation Expectations
Guiding and anchoring inflation expectations of the public are key tasks of modern central banks. In this paper we investigate how the European Central Bank (ECB) influences inflation expectations of professional forecasters. We argue that it is a good sign that interest rate changes as such are not significant in explaining inflation expectations: The ECB has been able to prepare professional ...
متن کاملWhy Are Inflation and Real Interest Rates So Low? A Mechanism of Low and Floating Real Interest and Inflation Rates
Real interest and inflation rates have been very low in many industrialized countries since the Great Recession. In this paper, a mechanism of low and floating real interest and inflation rates is examined based on the concept a “Nash equilibrium of a Pareto inefficient path” and the law of motion for trend inflation. I show that, because the link between the marginal product of capital and the...
متن کاملLong-Term Interest Rates and Inflation: A Fisherian Approach
I n recent years, Federal Reserve (Fed) policymakers have come to rely on long-term bond yields to measure the public’s long-term inflationary expectations. The long-term bond rate plays a central role in Goodfriend’s (1993) narrative account of Fed behavior, 1979–1992, which links policyrelated movements in the federal funds rate to changes in the yield on long-term U.S. Treasury bonds. Accord...
متن کاملMonetary Policy, Nominal Interest Rates, and Long-horizon Inflation Uncertainty
Empirical evidence presented in this paper shows that the predictability of inflation at long horizons varies considerably across countries. Both simple theory and empirical evidence suggest that the crucial factor is the extent to which systematic monetary policy succeeds in stabilising the incipient unit root in inflation. The mechanism by which it does this appears however to be complicated ...
متن کاملFuzzy Regression and the Term Structure of Interest Rates Revisited
Recent articles of Sánchez and Gómez (2003a, 2003b, 2004) addressed the subject of fuzzy regression (FR) and the term structure of interest rates (TSIR). Following Tanaka et. al. (1982), their regression models included a fuzzy output, fuzzy coefficients and an non-fuzzy input vector. The fuzzy components were assumed to be triangular fuzzy numbers (TFNs). The basic idea was to minimize the fuz...
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ژورنال
عنوان ژورنال: The Review of Asset Pricing Studies
سال: 2019
ISSN: 2045-9920,2045-9939
DOI: 10.1093/rapstu/raz004