... either the bank rates or the market rates, suggesting non-stationary interest rates. While the IPS test indicates stationarity of the Boone indicator, the null hypothesis of non-stationarity ... the Boone indicator) onthe long-run bank interestrate pass-through. 4.1. Estimation of the long-run relationship If bank interest rates and their corresponding market rates are cointegrated, ... 3 The Lerner index derives from the monopolist's profit maximisation condition as price minus marginal cost, divided by price. The monopolist maximises profits when the Lerner index is...
... current interestrate deci-sion, the only strong requirement is that the conditioning assump-tion for the future path of short-term policy rates is not too patentlyout of line with what the decision ... problem withthis assumption, as also noted in Edey and Stone (2004). On the other hand, the assumption of constant forward policy- determined interest rates imposed a strong discipline onthe MPCthat ... decisions reasonably well (see especially Lildholdt andWetherilt 2004 for the United Kingdom). So this concern may beVol. 5 No. 2 TheInterestRate Conditioning Assumption 95exercise. The...
... daily. There were two call-loan rates, therateon new loans (the “new rate ) and therateon renewal of existing loans (the “renewal rate ). The renewal rate was by far the more important. As Macaulay ... complete description of the development of the interest- rate series in What Was theInterestRate Then? The objective of the project was togenerate interest- rate series for the United States ... What Was theInterest Rate Then? So the component series pertain to the renewal rate. 15Table 1Compilations of London Market Discount Rateon Bills of Exchange, 1800-1923AuthorDescriptionPeriodFrequencyObservationSourcePalgrave(1903,...
... lowerforward rate in the far month than in the nearbymonth. If the difference in forward rates is largeenough to offset the time value associated with the longer expiration, then the premium on the longer ... options give investors the chance to invest based upon their views on the direction of interest rates.What are interestrate options? Interest Rate Options are options onthe spotyield of U.S. ... -3.50Maximum Risk: 1.50 The risk for this position is 1.50 x 100 or$150.00. The breakeven on this position is 71.50. The breakeven is calculated by sub-tracting the premium received, 3.50 from the short...
... from the 60 kDa band was excised. The sample was analysed using Q-TRAP MS bythe ProteinAnalysis Laboratory at the Cancer Research UK LondonResearch Institute (London, UK).ImmunoprecipitationCells ... for the peptide synthesis,Clive Lebozer for production of the rabbit antiserum,and the Protein Analysis Laboratory at the CancerResearch UK London Research Institute for perform-ing the MS. ... fraction-ation; however, the potential existence of nuclearC-YES warrants further investigation. The study then demonstrated that C-YES phospho-rylates CDK4 on Y17 when expressed along withCDK4...
... in the mononuclear SODs is not governed by one or even two residues, but is most likely accomplished by the concerted effects of a combination of key residues.Further analysis of these and other ... [3,4]. Second, specificity of the reaction is determinedbythe metal ion: the enzyme is active only with the ÔcorrectÕ metal. Although, in the complete absence of the ÔcorrectÕ metal, each type ... activity by the Nitro Blue tetrazolium reaction as described by Beauchamp and Fridovich [42].Protein concentrationEstimation of the concentration of purified protein or in the lysates was by the...
... among economists onthe impact of high government debt/GDP ratios onthe level of long-term interest rates.9 One dimension is that of the Ricardian versus non-Ricardian perspective onthe private ... about pension provisions are to the long-term rate of interest. This paper argues great caution is needed in drawing policy implications based onthe real long-term interestrate currently prevailing ... describes the long-term interest rate? This question was prompted bythe observation of a strong, apparently secular, decline in the real long-term interestrate to a very low level. This decline...
... circumscribe theinterestrate rule so that the limiting sum in the solution for the inflation rate in (15) is finite as we lookfurther and further ahead.13In the current context, this means that the monetaryauthority ... dependence of theinterestrateon aggregate economic activity. Second,under this policy specification, the monetary equilibrium condition the LMschedule of the traditional IS- LM structure is unimportant ... demand) and the real interest rate, ratherthan a connection between the level of output and the real interest rate. (That is, the standard IS schedule will give the correct conclusions only if expectedfuture...
... November 2008 The Relativity Theory Revisited: Is Publishing Interest Rate Forecasts Really so Valuable?0LFKDï%U]R]D%U]H]LQDAdam KotNATIONAL BANK OF POLANDWORKING PAPERNo. 52Contents:25.,1*3$3(51R3ContentsList ... knows: –)UDFWLRQŘe): IS equation, Philips curveFraction e: projection (additional data for estimation) IS equationPhilips curve policy rule6LPXODWLRQVDQGUHVXOWVNational Bank of Poland14446LPXODWLRQVDQGUHVXOWV4.1 ... 52Contents:25.,1*3$3(51R3ContentsList of tables and figures 4Abstract 51Introduction 6 2The Model 93Expectations 114Simulations and results 146LPXODWLRQV 45HVXOWV 45Conclusions 17References...
... and the component that is compensation for non-diversifiable risk. Further, we also show that the impact of liberalization onthe systematic component of 30an international setting the single-factor ... bill, the riskfree rate (RFREE), the return onthe one-month Treasury bill, and the U.S. market portfolio (USMKT). Each instrument is lagged one period relative to the factor returns. Q(x) isthe ... inter-bank rates when information on deposit rates is not available. These rates are obtained from the International Financial Statistics (IFS) of the International Monetary Fund (IMF). Testing whether...
... inflation expectations are stable unlessthey are disturbed by a shock to the economy. Under theseassumptions, even if the real interestrateis held onlymarginally above the NRR, inflation will ... 3 the nominal interestrate implied bythe Taylor rule, and the behaviour of the nominal interestrate over history.If we plug in values for the nominal interest rate, inflation, the inflation ... ordeflationary pressures requiring the central bank tolean in either direction. In other words, the NRR is the interestrate that is consistent with a situation in whichinflation and inflation expectations...