Monetary Policy and Interest Rates

ISBN-13: 9780333716472 / Angielski / Twarda / 1998 / 295 str.

Opis

An authoritative examination for top international policymakers and academics conducting monetary policy arising from a conference organised by the Banca d'Italia. The yield curve - the relation among market interest rates of different maturities - is a key benchmark for evaluating investment strategies in the global financial market. To a growing extent, central banks use it to evaluate, explain to the public and monitor the results of policy decisions.

Spis treści

List of Contributors Introduction Monetary Policy and Interest Rates; I.Angeloni and R.Rovelli Exchange Rate Regimes and the Expectation Hypothesis of the Term Structure; S.Gerlach and F.Smets Decomposing the Term Structure Into Risk Premia and Expectations: Evidence for the Eurolira Rates; F.Drudi and R.Violi Long Term Bond Yields, Monetary Policy and the Expectation Hypothesis of the Term Structure of Interest Rates; P.Kugler Borrowed Reserves, Fed Funds Rate Targets, and the Term Structure; J.Nielsen Monetary Policy Actions and the Term Structure of Interest Rates: A Cross-country Analysis; L.Buttiglione, P.Giovane and O.Tristani Monetary Policy, Inflation Persistence and the Term Structure of Interest Rates: Estimates for the UK, Germany and the US; J.Chadha and J.Ganley Monetary Policy, Forward Rates and Long Rates: Does Germany Differ from the US?; C.Favero, F.Iacone and M.Pifferi Is the Term Structure of Interest Rates a Useful Indicator for Spanish Monetary Policy?; J.Ayuso and S.Nunez Monetary Policy and the Term Structure of Interest Rates: An Overview of Some Recent Research; G.Rudebusch Using the Term Structure of Interest Rates for Monetary Policy; M.Goodfriend Index

O autorze

JUAN AYUSO Banco de España, Research Department LUIGI BUTTIGLIONE Banca d'Italia, Servizion Studi JAGJIT S. CHADHA Bank of England PAOLO DEL GIOVANE Banca d'Italia, Servizio Studi FRANCESCO DRUDI Banca d'Italia, Servizio Studi CARLO FAVERO Università Bocconi and Center for Economic Policy Research JOE A. GANLEY Bank of England STEFAN GERLACH Bank for International Settlement and Centre for Economic Policy Research FABRIZIO IACONE Università Bocconi PETER KUGLER University of Bern JEFFREY H. NIELSEN Copenhagen Business School SOLEDAD NUNEZ Banco de España MARCO PIFFERI Università Bocconi RICCARDO ROVELLI Università Bocconi and IGIER GLENN RUDEBUSCH Federal Reserve Bank of San Francisco FRANK SMETS Bank for International Settlement and Centre for Economic Policy Research ORESTE TRISTANI Banca d'Italia, Servizio Studi ROBERTO VIOLI Banca d'Italia, Servizio Studi