Gotowe bibliografie tematyczne / Nominal interest rates

Gotowa bibliografia na temat „Nominal interest rates”

Autor: Grafiati
Data publikacji: 4 czerwca 2021
Data aktualizacji: 20 lutego 2023

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Artykuły w czasopismach na temat "Nominal interest rates"

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Bassetto, Marco. "Negative Nominal Interest Rates". American Economic Review 94, nr 2 (1.04.2004): 104–8. http://dx.doi.org/10.1257/0002828041302064.

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Shi, Shouyong. "NOMINAL BONDS AND INTEREST RATES*". International Economic Review 46, nr 2 (maj 2005): 579–612. http://dx.doi.org/10.1111/j.1468-2354.2005.00335.x.

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Cerrato, Mario, Hyunsok Kim i Ronald MacDonald. "Nominal interest rates and stationarity". Review of Quantitative Finance and Accounting 40, nr 4 (22.06.2012): 741–45. http://dx.doi.org/10.1007/s11156-012-0296-x.

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Nadal-De Simone, Francisco, i Weshah Razzak. "Nominal Exchange Rates and Nominal Interest Rate Differentials". IMF Working Papers 99, nr 141 (1999): 1. http://dx.doi.org/10.5089/9781451856163.001.

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BAUER, MICHAEL D. "Nominal Interest Rates and the News". Journal of Money, Credit and Banking 47, nr 2-3 (marzec 2015): 295–332. http://dx.doi.org/10.1111/jmcb.12177.

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Erol, Umit, James A. Richardson i Thomas R. Gulledge. "Spectral analysis of nominal interest rates". Journal of Economic Dynamics and Control 11, nr 2 (czerwiec 1987): 275–81. http://dx.doi.org/10.1016/0165-1889(87)90020-0.

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Lioui, Abraham, i Patrice Poncet. "General equilibrium real and nominal interest rates". Journal of Banking & Finance 28, nr 7 (lipiec 2004): 1569–95. http://dx.doi.org/10.1016/s0378-4266(03)00137-7.

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Maitra, Biswajit. "Determinants of Nominal Interest Rates in India". Journal of Quantitative Economics 16, nr 1 (6.02.2017): 265–88. http://dx.doi.org/10.1007/s40953-017-0079-2.

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Hirose, Yasuo. "Sunspot fluctuations ulnder zero nominal interest rates". Economics Letters 97, nr 1 (październik 2007): 39–45. http://dx.doi.org/10.1016/j.econlet.2007.02.015.

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Podkaminer, Leon. "Inflationary Effects of High Nominal Interest Rates". Journal of Post Keynesian Economics 20, nr 4 (lipiec 1998): 583–96. http://dx.doi.org/10.1080/01603477.1998.11490169.

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Rozprawy doktorskie na temat "Nominal interest rates"

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Tsang, Kwok Ping. "The nominal and real term structures and the macroeconomy /". Thesis, Connect to this title online; UW restricted, 2008. http://hdl.handle.net/1773/7468.

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Brito, Ricardo D. "Essays on the monetary aspects of the term structure of nominal interest rates". reponame:Repositório Institucional do FGV, 2001. http://hdl.handle.net/10438/1027.

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Made available in DSpace on 2008-05-13T15:50:55Z (GMT). No. of bitstreams: 0 Previous issue date: 2001-09-05
Interest rates are key economic variables to much of finance and macroeconomics, and an enormous amount of work is found in both fields about the topic. Curiously, in spite of their common interest, finance and macro research on the topic have seldom interacted, using different approaches to address its main issues with almost no intersection. Concerned with interest rate contingent claims, finance term structure models relate interest rates to lagged interest rates; concerned with economic relations and macro dynamics, macro models regress a few interest rates on a wide variety of economic variables. If models are true though simplified descriptions of reality, the relevant factors should be captured by both the set of bond yields and that of economic variables. Each approach should be able to address the other field concerns with equal emciency, since the economic variables are revealed by the bond yields and these by the economic variables.
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Kremmer, Michael Leslie, i n/a. "An Empirical Study of the Dynamics of Nominal Interest Rates: Australian and Global Perspectives". Griffith University. School of Economics, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20051102.151052.

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This study explores the inter relationships between the nominal interest rates of Australia and its principal trading partners. The analysis focus on the short end of the yield curve --specifically, rates of up to one year to maturity. In essence, the study comprises a suite of essays, which together provide an overall understanding of the relevant relationship that is, in both depth and scope, greater than the sum of the individual essays. The inquiry begins with an investigation of the impact of the overnight information content of international interest rates upon the Australian domestic money market. The results indicate that the strongest information impact on Australian interest rates is from the overnight interest and exchange rates of the United States. This is followed, in the second essay, by an investigation of the relationship between domestically and internationally traded Australian dollar denominated, financial assets. The results indicate that a Euro-Australian dollar inter-bank deposit and Australian bank accepted bills are effectively the same assets. Based on this result the third essay investigates the extent to which the short-term nominal interest rates of Australia, the United Kingdom, the United States and Japan are consistent with the expectations theory of the interest rate term structure. The results indicate that nominal inter-bank deposit rates in all four currencies are broadly consistent with the expectations theory. In addition, two common stochastic trends are identified, which can be associated with the markets of the United States and Japan. The forth essay focuses on the bilateral relationships between the nominal interest rates of Australia, the United States, the United Kingdom and Japan, and aims at establishing the extent to which the observed data is consistent with interest rate parity conditions. It was found that, in the long run, and with some exceptions, there is strong support for all three of the usual parity conditions. These relationships are interpreted as a measure of the efficiency with which the interest rates are simultaneously determined across the four markets. The final essay brings together insights gained in the preceeding essays to help analysis the interactions between each of the four markets at each of the four maturities selected within the consistent framework of a single model. The results indicate that the system can be usefully conceptualised as interactions between two sub-systems. The first sub-system models the nexus between Australia and the United States, and the second sub-system, that between the United Kingdom and Japan. The interactions within and between these two sub-systems are found to change as the maturity increases. At the shortest maturity, Australian interest rates are directly affected by both sub-systems. In contrast, at the longest maturity, Australian interest rates anticipate those of the United States and are not directly affected by the second sub-system.
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Kremmer, Michael. "An Empirical Study of the Dynamics of Nominal Interest Rates: Australian and Global Perspectives". Thesis, Griffith University, 2003. http://hdl.handle.net/10072/367662.

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This study explores the inter relationships between the nominal interest rates of Australia and its principal trading partners. The analysis focus on the short end of the yield curve --specifically, rates of up to one year to maturity. In essence, the study comprises a suite of essays, which together provide an overall understanding of the relevant relationship that is, in both depth and scope, greater than the sum of the individual essays. The inquiry begins with an investigation of the impact of the overnight information content of international interest rates upon the Australian domestic money market. The results indicate that the strongest information impact on Australian interest rates is from the overnight interest and exchange rates of the United States. This is followed, in the second essay, by an investigation of the relationship between domestically and internationally traded Australian dollar denominated, financial assets. The results indicate that a Euro-Australian dollar inter-bank deposit and Australian bank accepted bills are effectively the same assets. Based on this result the third essay investigates the extent to which the short-term nominal interest rates of Australia, the United Kingdom, the United States and Japan are consistent with the expectations theory of the interest rate term structure. The results indicate that nominal inter-bank deposit rates in all four currencies are broadly consistent with the expectations theory. In addition, two common stochastic trends are identified, which can be associated with the markets of the United States and Japan. The forth essay focuses on the bilateral relationships between the nominal interest rates of Australia, the United States, the United Kingdom and Japan, and aims at establishing the extent to which the observed data is consistent with interest rate parity conditions. It was found that, in the long run, and with some exceptions, there is strong support for all three of the usual parity conditions. These relationships are interpreted as a measure of the efficiency with which the interest rates are simultaneously determined across the four markets. The final essay brings together insights gained in the preceeding essays to help analysis the interactions between each of the four markets at each of the four maturities selected within the consistent framework of a single model. The results indicate that the system can be usefully conceptualised as interactions between two sub-systems. The first sub-system models the nexus between Australia and the United States, and the second sub-system, that between the United Kingdom and Japan. The interactions within and between these two sub-systems are found to change as the maturity increases. At the shortest maturity, Australian interest rates are directly affected by both sub-systems. In contrast, at the longest maturity, Australian interest rates anticipate those of the United States and are not directly affected by the second sub-system.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Economics
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Skallsjö, Sven. "Essays on term structure and monetary policy". Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-548.

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This dissertation treats two different themes. The first, addressed in Chapter 1, regards the pricing of interest rate swaps. The second, studied in the remaining two chapters, regards the implications of monetary policy for the term structure of interest rates.The pricing of interest rate swaps An interest rate swap is an agreement between two parties to exchange fix for floating interest rate payments for a certain period of time. Floating rate payments are made at a floating-rate index, e.g. the three-month interbank rate, while the fixed rate payment, the swap rate, is determined on the market. The swap rate may include a compensation for credit risk depending on the counterparty's credit quality, but in the standard agreement there is no exchange of principal, only interest is transacted, and this effectively reduces concerns about credit risk. The swap spread for a given maturity is the difference between the swap rate and the risk-free rate, measured as the yield on a government bond with similar cash flows. If the standard swap agreement entails negligible credit risk one might expect swap spreads to be low and stable, but market swap spreads vary over time. There are periods when swap spreads are low in accordance with the general theory, but there are also periods when swap spreads reach levels that seem high.The first chapter of this dissertation examines a setting where a positive swap spread arises as part of an equilibrium in a perfectly competitive capital market. The model is one of insurance under adverse selection. A firm that seeks debt financing can insure itself against interest rate risk either by borrowing long-term or by borrowing short-term and entering a pay fix - receive float interest rate swap. The latter alternative allows for a partial hedge as the firm can choose to swap only a fraction of the nominal amount. In this setting, if firms' credit quality and interest rate risk tolerance are correlated creditors can use the pricing of interest rate swaps as a screening device. A low-risk firm, being a firm with favorable private information, selects short-term borrowing and partial insurance. A high-risk firm, being a firm with less favorable prospects, is by assumption also less risk tolerant. It therefore has a higher demand for insurance and the equilibrium swap spread is set such that the high-risk firm finds it more beneficial to borrow long-term at a cost that exceeds the expected cost from short-term financing, but that provides a full insurance to interest rate risk. Monetary policy and the term structure of interest rates Taken separately monetary policy and term structure modeling are two well-established research areas each comprising a substantial amount of research. But relatively few attempts have been made to integrate the two. The last two chapters of this dissertation take the view that the conduct of monetary policy is an essential element in the determination of the term structure of interest rates, and that explicitly considering the role of amonetary authority in the analysis has a potential of enhancing our understanding of term structure dynamics, and its relation to macro-economic fundamentals in particular. This approach to the term structure is supported by the fact that the analytical framework developed in the literature on optimal monetary policy translates conveniently into a setting well suited for term structure analysis. Chapter 2 makes the point in the simplest setting. A standard model of optimal monetary policy is reformulated in continuous time. Combined with a parameterized form for the market price of risk this produces a standard term structure model with well-known characteristics. This model is estimated on US data for the period 1987 - 2002, treating state variables as latent factors of the term structure. The parameters that are estimated comprise parameters describing the monetary transmission mechanism, parameters describing the monetary authority's preferences and parameters describing the market price of risk. Our estimation technique differs from comparable estimations in the monetary policy literature as these typically take state variables to be directly observable measures of macro-economic aggregates. The results using term structure data are both similar and different to previous findings. The main difference when using term structure data is that the central bank's estimated policy is more aggressive, i.e. more responsive to changes in the underlying state variables.Chapter 3 is devoted to the zero bound on nominal interest rates. While the zero bound is well recognized in the literature on term structure modeling, not much has been said about term structure dynamics under the special circumstance that the short rate is close to zero. I find the optimal monetary policy approach to be particularly well suited for this analysis. The chapter studies a continuous time reduced form version of the monetary transmission mechanism. The monetary authority's optimization problem is formed according to two specifications, interest rate stabilization and interest rate smoothing. For the former the optimization problem is solved analytically, while numerical procedures are adopted forthe latter. The chapter then turns to study implications for the term structure under risk-neutrality. Term structure equations are solved numerically and implications for the term structure are discussed. Data for a low-interest rate country like Japan for 1996 - 2003 exhibits s-shaped yield curves and yield volatility curves. This shape is found to be consistent with a smoothing objective for the short rate.

Diss. Stockholm : Handelshögskolan, 2004

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Leal, Ricardo Batista Camara. "Efeitos da política fiscal sobre o nível da taxa de juros nominal de longo prazo de 25 países da OCDE". Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-14042011-143847/.

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Esta dissertação é um estudo empírico que relaciona variáveis fiscais como dívida pública e déficit primário com a taxa de juros nominal de longo prazo, relação, que na literatura empírica como um todo, é bastante ambígua. Quando separamos, desta literatura, os trabalhos que incluem expectativas de déficits, obtemos resultados positivos e significantes, ou seja, que a contenção fiscal reduz a taxa de juros de longo prazo. Ainda nesta literatura, poucos trabalhos fazem uso de dados de painel devido à pouca disponibilidade de dados. Dessa forma, usamos um painel com 25 países e dados anuais entre 1980 e 2009. Assim, estimam-se modelos estáticos e dinâmicos em que a taxa de juros nominal de longo prazo é explicada pela dívida pública e, principalmente, o déficit primário, controlando a existência de efeitos fixos para países e anos. Utilizamos, em seguida, modelos não-lineares, para captar efeitos das variáveis fiscais de forma não-linear e com variáveis interativas. Encontra-se uma relação positiva entre as variáveis, indicando que um aumento no déficit primário leva a um aumento na taxa de juros nominal de longo prazo. A magnitude do efeito estimado é semelhante a outros estudos feitos com dados em painel. Os resultados apontam que um aumento em um ponto percentual do déficit primário leva a um aumento de zero a 10 bps sobre a taxa de juros nominal de longo prazo. Já para a dívida pública encontramos que, ao contrário do que esperaríamos pela teoria, que seu efeito sobre a taxa de juros nominal de longo prazo é insignificante e menor do que o encontrado na maior parte da literatura, menos de 2 bps, mas semelhante aos de outros trabalhos. Ao contrário de toda literatura para dados em painel, incluímos também a expectativa de déficits, variável que deveria incorporar mais informação do que somente o déficit corrente e, por isso, nossos resultados deveriam ser mais significantes. No entanto, estas variáveis não estão disponíveis para muito anos e, portanto, para esta parte do trabalho nossa amostra se reduz para 1996-2009. Contudo, ao fazermos as mesmas estimações que as anteriores, mas com a expectativa de déficit obtemos coeficientes para o déficit primário insignificantes, nem sempre positivos e baixos. Este resultado parece ser devido à amostra reduzida que temos para expectativa de déficit.
This dissertation is an empirical study that tries to capture the relationship between fiscal variables, such as the public debt and the primary deficit, and the long-term nominal interest rates, a relationship that in the empirical literature as a whole is very ambiguous. However, when, in this literature, we look only at papers that include expected deficits, we obtain positive and significant results. In the same set of studies, few use panel data due to low data availability. We use a panel with 25 countries and annual data between 1980 and 2009. We estimate static and dynamic models in which the long-term nominal interest rate is explained by the public debt and, especially, the primary deficit by controlling for the existence of fixed effects for countries and years. We then estimate non-linear models to capture the non-linear and interactive effects of fiscal variables on interest rates. We find a positive and statistically significant relationship between these variables, indicating that the primary deficit has a positive impact on the long-term nominal interest rate. The magnitude of the estimated effect is similar to other studies with panel data. They show that a one percentage point increase in the primary deficit leads to an increase from zero to 10 bps in the long-term nominal interest rate. As for the public debt, we find that, contrary to what we would expect from economic theory, its effect on the long-term nominal interest rate is negligible and smaller than that found in most of the literature, less than 2 bps, but similar to other panel studies. Unlike the rest of the literature that uses panel data, we included deficit expectations that would incorporate more information than just the current primary deficit and would, therefore, give us more statistically significant results. However, these variables are not available for large periods of time for a panel of countries and, therefore, for this part of our study, our sample is reduced to the period 1996-2009. This time, even though we estimate the same models, but now with the deficit expectations, we now obtain statistically insignificant, sometimes negative and lower coefficients for the primary deficit. Nevertheless, these results seem to be due to the small sample size we have for deficit expectations.
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Unger, Julian. "A small open economy’s view on interest rate differential’s relation to the nominal exchange rate". Thesis, Linnéuniversitetet, Institutionen för nationalekonomi och statistik (NS), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-65487.

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The characteristics of interest rate differentials’ relationships with the change in nominal exchange rates are here investigated from the small open economy Sweden’s pointof view. We assume rational expectations and risk neutrality. However, these are solelysufficient but not necessary conditions. The only necessary condition is that the deviationsfrom rational expectations and risk neutrality are uncorrelated with the interestrate differential (Chinn and Meredith 2004, p. 412). We find no evidence for the interestrate differentials to be unbiased predictors of the percentage change in nominalexchange rates. With 3- and 6-month maturity interest rates, the signs are positivealthough not statistically different from zero.
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Harfuch, Leila. "Determinantes da taxa de juros nominal e sua relação com a taxa de câmbio no Brasil no período de 1990 a 2006". Universidade de São Paulo, 2008. http://www.teses.usp.br/teses/disponiveis/11/11132/tde-20082008-112323/.

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Nas duas últimas décadas, o Brasil vem praticando elevadas taxas de juros nominais em relação à taxa de inflação existente. Isso encarece o crédito, aumenta o endividamento e prejudica o crescimento econômico sustentado. Além disso, fatores como a implementação de políticas econômicas de combate à inflação, a aceleração do processo de abertura e internacionalização econômicas criam um mix variáveis que se relacionam com a taxa de juros e deixam explícita a necessidade de se analisar os principais determinantes da taxa de juros nominal no Brasil e sua relação com a taxa de câmbio, objetos de estudos do presente trabalho. O modelo teórico apresentado, expandido para incluir uma equação de Fisher adequada à economia brasileira e o risco de default, foi estimado seguindo os seguintes passos: 1) testes de raiz unitária de Dickey-Pantula, Dickey-Fuller, raiz unitária sazonal e raiz unitária com quebra estrutural foram realizados de modo a saber o grau de integração de cada variável e, assim, como cada uma deve ser considerada nos modelos; 2) regressões para taxa de juros e taxa de câmbio foram, inicialmente, estimadas pelo método de Mínimos Quadrados Ordinários e, caso tenham sido constatados problemas de heteroscedasticidade e autocorrelação dos resíduos, as regressões foram reestimadas pelo método dos Mínimos Quadrados Ponderados, Mínimos Quadrados Ponderados com modelo não-linear de correção da autocorrelação dos resíduos e/ou Mínimos Quadrados Ponderados com estimativas consistentes da variância de White ou Newey-West. Inicialmente utilizaram-se dados com periodicidade mensal, mas os resultados não foram robustos. Por isso, foram usados dados com periodicidade trimestral, obtendo melhores resultados. Apenas as melhores regressões são apresentadas no texto, apresentando dois grupos de estimativas para os determinantes das taxas de juros e de câmbio, sendo o primeiro para o período de 1990 a 2006 sem risco de default e o segundo para o período em que há dados sobre risco de default (os melhores resultados incluindo a variável risco ocorreram para o período de 1995 a 2006). Essas regressões fundamentam a definição de quatro modelos VAR (Vetor Autorregressivo). Esta última, ao ser estimada usando a decomposição de Choleski, permite chegar a conclusões convergentes aos das regressões selecionadas. Tanto a análise de regressão quanto o VAR reforçam o papel das variáveis externas em afetar a taxa de juros CDI a partir de 1995, em detrimento das variáveis domésticas, especialmente a taxa de inflação. O modelo para a taxa de câmbio sinaliza para uma conclusão semelhante, sendo a variável CDI a mais importante quando considerado todo o período em análise, mas perdendo poder explicativo sobre a taxa de câmbio quando inserida a variável risco de default. Pode-se afirmar que a conta capital e financeira do Balanço de Pagamentos é semi-aberta e que os fatores externos possuem impactos expressivos sobre a taxa de juros CDI, principalmente após a implementação do Plano Real. Em especial, o risco de default percebido pelos investidores externos possui um papel importante em mostrar a seguinte dinâmica: sob maior risco de default, um aumento da taxa de juros (via política monetária restritiva) pode provocar um efeito perverso, pois ao invés de atrair capital externo (e, assim, poder cumprir com as obrigações financeiras), provoca uma saída de capital e desvaloriza a taxa de câmbio, aumentando a inflação. Esses resultados são de extrema importância para o exercício da política monetária, tal como exposto nas conclusões do trabalho.
During the last two decades, Brazil has been practicing high nominal interest rates, comparing to the observed inflation rate. This fact has a negative impact on credit, increases public debt and reduces the economic growth. In addition, the implementation of economic policies that aim to decrease the inflation rate, together with the economic globalization process, generate a set of variables that are related to the interest rate and, also, explicitly show how important is to analyze the main variables that have impacts on the interest rate determination and its relation with the exchange rate, which are the aim of this dissertation. Theoretical models for interest rate and exchange rate determination for a small and partially open economy were expanded to incorporate not only a suitable Fisher equation to the Brazilian economy, but also the default risk, and they were estimated in the following sequence: 1) Dickey-Pantula, Dickey-Fuller and seasonal unit root tests, and also unit root test with structural changes, were used to verify the integration degree for each variable and how each of them should be considered in the models; 2) interest rate and exchange rate regressions were first estimated by Ordinary Least Squares or, in case of heteroskedasticity and residuals autocorrelations problems, the regressions were reestimated using Weighted Least Squares, Weighted Least Squares with non-linear correction for residuals autocorrelation or Weighted Least Squares with Newey-West or White consistent covariance estimates. Initially, the models were estimated using monthly aggregated data, but they did not present robust results. In sequence, models were estimated using quarterly aggregated data, which had better estimations results and the best results are presented in this thesis. This dissertation presents two groups of results for each determination model of interest and exchange rates, considering the period from 1990 to 2006 without default risk and starting from a year that are default risk data available (the best results including default risk variable happened from 1995 to 2006). These regressions are the base for four VAR (Vector Autoregression) models. Both regression and VAR analysis strengthen the role of external variables in affecting the CDI interest rate for the period starting from 1995, while domestic variables reduced their effect on this process, specially the inflation rate. The results for the exchange rate determination model indicate a similar conclusion because, for the whole period analyzed, CDI interest rate was the most important variable; however, it reduced its influence on exchange rate when the default risk was inserted into the estimations. According to the results, there is evidence that the Brazilian economy is partially open and that the external factors have strong effect on CDI interest rate determination, especially after the implementation of Plano Real (Real Plan). More importantly, the international investors\' default risk perception has an important role showing the following dynamic: under default risk conditions, a larger interest rate (by a restricted monetary policy) can have a perverse effect, because, higher interest rate instead of attracting external capital inflows (which permits financial obligations to be honored) can lead on an external capital outflows, which depreciates the exchange rate and, as a result, increases the inflation rate. These results are extremely important to be considered for monetary policy implementation, as shown on the conclusions of this thesis.
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Svanholm, Daniel, i Jennifer Persson. "Debt availability : The impact of repo-rate policy on household borrowing in Sweden: A study of the relationship between the nominal interest rate and the availability of debt for Swedish households". Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-34358.

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Households availability to accrue debt remains a major factor affecting both consumption and savings on an aggregate level. The financial crises at the end of 2007 echoed through the Atlantic ocean and hit the European economies, wrecking havoc as it went. Both nominal and real interest rates plummeted as centrals banks tried to conduct damage control in their respective regions. With some nominal interest rates falling past the zero lower bound and inflation hovering around zero percentage points. The recovery of American and European economies is still ongoing but this process is largely dependent on monetary and fiscal policies by central banks and governments. This thesis examines the relationship between the nominal interest rate and the availability of debt for households, using secondary cross sectional survey data and recorded financial data accumulated over a period of ten years collected every other year. This study limits itself to the country of Sweden and includes different independent variables separate of the nominal interest rate, accounting for some variation and internal effects of the data as well as theoretical considerations. In consensus with previous studies the relationship between the availability of household debt and the nominal interest rate is negative and statistically significant in nature. Indicating that the validity of the classical relationship between nominal interest rate, savings and consumption is affirmed.
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Oliveira, Mário André Santos de. "Should central banks increase the inflation target?" Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13101.

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Mestrado em Economia Monetária e Financeira
Tipicamente os Bancos Centrais usam as taxas de juro para inverter os efeitos das crises económicas. No entanto, temos observado que se as taxas de juro nominais já estiverem muito próximo de zero, então a capacidade que estes têm de usar este mecanismo para estimular a actividade económica é reduzida. O principal objectivo desta dissertação é estudar se aumentando o nível médio de inflação, aumenta a capacidade do bancos centrais em inverter crises económicas. Especificamente, iremos estudar se a taxa de juro real diminui mais para valores médios mais elevados da taxa de inflação, quando um choque exógeno na taxa de juro nominal ocorre. Para tal, iremos utilizar um modelo de equilíbrio geral, onde os agentes são heterogéneos na quantidade de moeda que detêm. O nosso modelo sugere que aumentar o target da inflação não aumenta o estímulo provocado pela taxa de juro real, quando um choque de 1 ponto-percentual ocorre sobre a taxa de juro nominal. De facto, o que se verifica é que a taxa de juro real diminui mais quanto menor for o nível médio de inflação. Isto ocorre porque o grau de price stickiness é menor para níveis mais elevados do target da inflação.
Typically when central banks face economic slowdowns they use the interest rate channel to boost economies. However, we have seen that if the nominal interest rate is already at low levels, then their capacity to invert such economic slowdowns is little. The main objective of this dissertation is to study whether increasing the inflation target can increase the capacity of central banks to invert economic downturns. Specifically, we will study whether the real interest rate decreases more when the inflation target is higher, as a response to a negative shock in the nominal interest rate. To study this we use a general equilibrium model, where agents are heterogeneous in their amount of money holdings. Our model suggests that increasing the inflation target does not increase the real stimulus of central banks when they decrease the nominal interest rate by one percentage-point. In fact, the real interest rate declines more, the lower the target. This occurs because the degree of price stickiness is lower for higher levels of inflation.
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Książki na temat "Nominal interest rates"

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Blake, Andrew P. Targetting inflation with nominal interest rates. London: National Institute of Economic and Social Research, 1994.

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Fuhrer, Jeffrey C. Modeling long-term nominal interest rates. Boston, Mass: Federal Reserve Bank of Boston, 1995.

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Fuhrer, Jeffrey C. Modeling long-term nominal interest rates. Boston, Mass: Federal Reserve Bank of Boston, 1995.

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Fuhrer, Jeffrey C. Modeling long-term nominal interest rates. Boston, Mass: Federal Reserve Bank of Boston, 1995.

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Driffill, John. Real interest rates, nominal shocks, and real shocks. London: Centre for Economic Policy Research, 1997.

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Chadha, Bankim. Inflation, nominal interest rates and the variability of output. London: Centre for Economic Policy Research, 1994.

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Fund, International Monetary, red. Inflation, nominal interest rates and the variability of output. Washington, D.C: International Monetary Fund, 1996.

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Chatterjee, Satyajit. On the optimality of eliminating seasonality in nominal interest rates. Philadelphia: Federal Reserve Bank of Philadelphia, Economic Research Division, 1997.

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-Amant, Pierre St. Decomposing U.S. nominal interest rates into expected inflation and ex ante real interest rates using structuralVAR methodology. Ottawa: Bank of Canada, 1996.

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Bhundia, Ashok. Sources of nominal exchange rate fluctuations in South Africa. Washington, D.C: International Monetary Fund, African Department, 2003.

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Części książek na temat "Nominal interest rates"

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Pivetti, Massimo. "Nominal and Real Rates of Interest". W An Essay on Money and Distribution, 52–58. London: Palgrave Macmillan UK, 1991. http://dx.doi.org/10.1007/978-1-349-21334-4_6.

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Bindseil, Ulrich. "Central Bank Digital Currencies in a World with Negative Nominal Interest Rates". W The Future of Financial Systems in the Digital Age, 75–88. Singapore: Springer Singapore, 2022. http://dx.doi.org/10.1007/978-981-16-7830-1_5.

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Zheng, Ke, Runze Yuan, Hao Zhang i Xi Xi. "The Dynamics of Prices Under Nominal Interest Rate Policy". W Atlantis Highlights in Intelligent Systems, 363–71. Dordrecht: Atlantis Press International BV, 2022. http://dx.doi.org/10.2991/978-94-6463-030-5_38.

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Korn, Ralf, i Bernd Luderer. "Why Does Nominal not Equal Effective? The Effective Interest Rate of an Immediate Loan". W Money and Mathematics, 67–68. Wiesbaden: Springer Fachmedien Wiesbaden, 2021. http://dx.doi.org/10.1007/978-3-658-34677-5_18.

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Cole, Harold L. "Exchange Rates and Nominal Interest Rates". W Finance and Financial Intermediation, 126–35. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190941697.003.0010.

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This chapter discusses exchanges and the different types of exchange rate regimes. It describes how exchange rates impact on real exchange rates, and how movements in the real exchange rate are associated with boom-bust cycles. It also discusses interest parity.
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Barthalon, Eric. "The HRL Formulation and Nominal Interest Rates". W Uncertainty, Expectations, and Financial Instability, 153–80. Columbia University Press, 2014. http://dx.doi.org/10.7312/columbia/9780231166287.003.0008.

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"APPENDIX B. Nominal Interest Rates and the Perceived Rate of Nominal Growth". W Uncertainty, Expectations, and Financial Instability. New York Chichester, West Sussex: Columbia University Press, 2014. http://dx.doi.org/10.7312/bart16628-019.

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"CHAPTER EIGHT. The HRL Formulation and Nominal Interest Rates". W Uncertainty, Expectations, and Financial Instability. New York Chichester, West Sussex: Columbia University Press, 2014. http://dx.doi.org/10.7312/bart16628-013.

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Slimani, Slah. "Tunisian Fiscal Policy Effects in a New Keynesian Model With Price Rigidity and Monopolistic Competition". W Research Anthology on Macroeconomics and the Achievement of Global Stability, 1170–90. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-7460-0.ch063.

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This paper applies a multivariate neo-Keynesian DSGE model to study the effects of changes in Tunisian public spending on the business cycle, private consumption, wages, interest rate, and inflation rate in the presence of monopolistic competition and price nominal short-term rigidity. The main finding of this paper shows a Tunisian pro-cyclical fiscal policy. Expansionary public spending has two initial effects. The output increases due to the usual increase in labor supply, and aggregate demand increases due to an incomplete crowding out of private consumption. By increasing aggregate demand, the central bank increases the nominal interest rate, which moves in concert with inflation in order to counteract inflationary pressures. Households reduce their consumer spending at the same time as the real interest rate increases. Some companies are responding to the change in the interest rate by reducing their expenses, their employment demands, and their capital utilization rates.
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Lettieri, John, Gerald O’donnell, Seow Eng Ong i Desmond Tsang. "Inflation-Linked Bonds". W Debt Markets and Investments, 345–62. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190877439.003.0019.

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Inflation is a critical factor that can influence investment strategies and returns. The relation between realized inflation and expected inflation are driving factors for both interest rates and the performance of fixed income products. Adding inflation-linked bonds to existing portfolios can help to minimize the risk associated with future inflation. Although nominal bonds offer protection from current inflation expectations, which is sometimes measured by the break-even inflation rate, inflation-linked bonds offer a guaranteed real return with inherent protection from unexpected inflation. The relative performance of inflation-linked bonds versus nominal bonds is primarily dependent on changes in both inflation and the real interest rate. This chapter focuses on the fundamentals of inflation-linked bonds including issuers, pricing, and measuring inflation expectations. It examines how such bonds reduce inflation risk and discusses the type of market environments that favor investments in inflation-linked bonds relative to nominal bonds.
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Streszczenia konferencji na temat "Nominal interest rates"

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Bal, Harun, Esma Erdoğan i Berk Palandökenlier. "The Relationship Between Inflation and Nominal Interest Rate: Case of Selected Countries". W International Conference on Eurasian Economies. Eurasian Economists Association, 2019. http://dx.doi.org/10.36880/c11.02322.

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When the empirical studies in the literature on inflation and interest relation are examined, it can be seen that a positive or negative change in one of these two variables has a significant effect on the other variable. This situation reveals the necessity of evaluating the relationship between variables within the framework of cause and effect. In this study, the relationship between inflation, interest rates, showing similar macroeconomic structures Turkey, Indonesia and Brazil the country for the period 1985-2018 using annual data sets separately for each country were explained by the VAR model. The results showed only right way for Turkey to reciprocate the nominal rate of inflation variables for Indonesia and Brazil were found bidirectional causality between countries.
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Hojdan, Dávid. "Impact of Public Debt on Long-Term Interest Rates". W EDAMBA 2021 : 24th International Scientific Conference for Doctoral Students and Post-Doctoral Scholars. University of Economics in Bratislava, 2022. http://dx.doi.org/10.53465/edamba.2021.9788022549301.166-175.

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In this paper, I have tried to answer whether higher public debt in advanced economies leads to rising long-term interest rates. First, I estimated the impact of public debt on long-term nominal interest rates on a sample of 18 advanced economies in the years 1950-2017 using a fixed effects model in various specifications. The effect of debt remained insignificant in all specifications. Second, with the help of a novel way of visualizing rollingwindow regression inspired by [12], I have shown that the impact of public debt is in fact time-varying, and a positive significant effect is rather a hallmark of recent decades.
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Ko, S. H., D. L. Rhode i Z. Guo. "Computed Effects of Rim Seal Clearance and Cavity Width on Thermal Distributions". W ASME 1993 International Gas Turbine and Aeroengine Congress and Exposition. American Society of Mechanical Engineers, 1993. http://dx.doi.org/10.1115/93-gt-419.

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Axisymmetric solutions of the Reynolds averaged Navier-Stokes equations were obtained for the complete momentum/thermal interaction at the interface between the turbine hot mainstream and rim seal flow regions. Specifically, the 2-D, axisymmetric, fully elliptic form of the equations was solved in order to obtain detailed insight concerning the effect of the rim seal clearance and cavity width on the disk temperature, gap recirculation zone GRZ and rotational drag. The mainstream and purge flow rates, pressures and temperatures were selected to match those of a typical commercial engine. The details of seven generic geometries, consisting of different seal clearance gaps and different cavity widths, for each of several cooling flow rates are analyzed. Of particular interest is the result that halving the engine nominal axial clearance of the generic rim seal is not sufficient for preventing the appearance of the GRZ. However, reducing this clearance to 25% of the nominal value does prevent its formation, and in that case the coolant flow continues outward along the disk surface through the rim seal region. In addition, the first-order characteristics of: (a) the heat transport in the rim seal region and (b) the disk temperature rise due to thermal transport via the rim seal (gap) recirculation zone and via disk frictional heating were illuminated. Further, it is concluded that smaller seal clearances are desirable for reducing rotational drag as well as purge flow rates.
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Jerković, Emina. "LEGAL ASPECTS OF THE INTRODUCTION OF THE EURO AS THE OFFICIAL CURRENCY IN THE REPUBLIC OF CROATIA". W The recovery of the EU and strengthening the ability to respond to new challenges – legal and economic aspects. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2022. http://dx.doi.org/10.25234/eclic/22414.

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The 1992 Maastricht Treaty defined the conditions for the introduction of the euro as a common currency in the European Union. These are macroeconomic indicators that measure the level of nominal convergence achieved and thus the state’s readiness to participate in monetary union. These conditions (convergence criteria) relate to price stability, stability and sustainability of public finances, which includes budget deficits and public debt, exchange rate stability and convergence of long-term interest rates. In addition to nominal convergence, the degree of legal convergence is also assessed - the provisions of national legislation relating to the independence of the central bank, the ban on monetary financing and preferential access to state financing, and integration into the European System of Central Banks are assessed. Among the member states that have not yet adopted the euro, only the Republic of Croatia is fully harmonized in this regard. On July 10, 2020, the Croatian kuna was included in the European Exchange Rate Mechanism (ERM II). Accessing the ERM II mechanism is often referred to as the euro waiting room. Despite the fact that the pandemic caused by the COVID-19 virus has not abated, the Republic of Croatia has not stopped its efforts to become a full member of the euro area. The paper will present the benefits of the introduction of the euro, but also the inevitable costs incurred during the conversion process. As the pandemic has not slowed down the conversion process and the moment of conversion is approaching, on the other hand, there are conflicting views on the introduction of the euro as the official currency, which are trying to be implemented through a referendum. The paper will discuss the legal aspects of Croatia’s accession to the euro area and what measures are envisaged when exchanging the Croatian kuna for the euro, especially from the aspect of consumer protection, given the fact that Croatia has one of the highest euroization rates of all non-euro area EU member states.
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Schmidt, Dilnei, Lance Manuel, Hieu H. Nguyen, Luis Volnei Sudati Sagrilo i Edison Castro Prates de Lima. "Fatigue Reliability Assessment for Brace-Column Details in a Semi-Submersible Hull". W ASME 2014 33rd International Conference on Ocean, Offshore and Arctic Engineering. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/omae2014-24228.

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Semi-submersible floating platforms used in the offshore deepwater environment have hull structures that are comprised of vertical cylinders (columns) connected by braces, pontoons, etc. Several of the connections between these various members are susceptible to fatigue damage. In fatigue damage assessment or fatigue reliability analysis, a global structural response analysis is typically carried out using a finite element model where internal forces or stresses in the various members are evaluated for specified sea states of interest at the site. Of specific interest in this study is the fatigue reliability analysis of brace-column connection details in a semi-submersible hull unit for selected Brazilian environmental conditions. Stress concentration factors for the selected critical hot spots are applied to the nominal component stresses due to axial forces and biaxial bending. The hot-spot stress response spectra are used with various spectral methods — referred to as Rayleigh, Modified Rayleigh (with bandwidth correction), and Dirlik — to estimate fatigue damage using Miner’s rule. Uncertainty estimates in fatigue damage rates and life based on the various methodologies are discussed and critical sea states are identified, highlighting dynamic and quasi-static influences on the predicted fatigue.
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Dombard, Jérôme, Florent Duchaine, Laurent Gicquel, Nicolas Odier, Kevin Leroy, Nicolas Buffaz, Sébastien Le-Guyader, Jacques Démolis, Stéphane Richard i Thomas Grosnickel. "Evaluation of the Capacity of RANS/URANS/LES in Predicting the Performance of a High-Pressure Turbine: Effect of Load and Off Design Condition". W ASME Turbo Expo 2020: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2020. http://dx.doi.org/10.1115/gt2020-15447.

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Abstract This paper aims at addressing design issues of turbomachinery configurations by use of Large-Eddy Simulation (LES). To do so, a research state-of-the-art high-pressure turbine stage, without technological details and for which experimental data are available, is computed with the three methods: i.e. RANS, URANS and LES. Starting from the nominal operating design, a database is acquired varying the design space (three Zweifel numbers), load (three pressure rates) and rotation speed (three reduced speeds). The analysis of the database is carried out incrementally from a design perspective. Numerical results are systematically compared to experimental ones. Main conclusions are threefold: 1/ Calibrated RANS provides excellent results at the nominal operating point but lacks of accuracy at off design conditions. Only unsteady methods (both URANS and LES) allow a good agreement with experiment along the whole database. 2/ Although very good on the overall performances, LES provides radial profiles and 2D maps leaving room for improvement in comparison with the URANS predictions. 3/ LES and standard law-of-the-wall is validated against experiments in a high-pressure turbine without technological details but still representative of a realistic and recent industrial design. From an aero design point, this paper shows the interest in using URANS for off design conditions. It also represents a milestone for LES that had to be passed before addressing more complex issues which URANS hardly addresses.
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Hampson, Gregory J. "High Efficiency Natural Gas Engine Combustion Using Controlled Auto-Ignition". W ASME 2019 Internal Combustion Engine Division Fall Technical Conference. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/icef2019-7292.

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Abstract Increasingly restrictive limits on Oxides of Nitrogen - NOx levels and desire for low methane emissions from gas engines are driving the change from lean-burn to stoichiometric combustion strategies on heavy-duty on-highway natural gas engines in order to take advantage of inexpensive and effective three-way catalyst technology. The change to stoichiometric combustion has led to increased tendency for engine knock due to higher in-cylinder temperatures. To suppress engine knock, Exhaust Gas Recirculation (EGR) rates from 10 to 30% are used. While high EGR rates nominally improve Brake Thermal Efficiency (BTE) and reduce exhaust gas temperatures, they also slow down combustion. However, by deploying a controlled spark triggered homogeneous charge volumetric ignition, very short burn durations can be achieved without the destructive effects of engine knocking towards high efficiency gas engines. In the interest of achieving 45% BTE in spark ignited an on-highway class 8 truck engines fueled on natural gas and to meet EURO 6 and future California emissions standards of 0.02 gm/kw-hr NOx, Controlled Auto-Ignition (CAI) is herein demonstrated on a 15 liter truck engine. CAI is enabled by (a) having a combustion device capable of exceptionally good combustion stability in the presence of high EGR rates (COV of IMEP < 0.75 %), (b) cylinder pressure based combustion feedback, and (c) fast closed loop combustion control (using a Woodward RT-CDC control system). This system enables significant reduction in burn duration by controlling a two phase combustion event. The first phase is normal spark ignited propagating flame, which then triggers the second phase which is volumetric auto-ignition. The location and percentage of fuel that burns in the volumetric auto-ignition event is controlled relative to that which occurs via the conventional spark ignited flame propagation process by use of high speed combustion in the loop feedback control. Auto-ignition mass fraction burned (MFB) ratios of 25–50% have been achieved yielding higher heat release rates at the end of combustion than at the center of combustion with the result being a shortening of the combustion burn duration from a nominal 20–30 degrees to a near optimal 10–15 degrees even with EGR rates as high as 25%. A novel and patent pending burn duration control strategy is employed to stably maintain this knock-free combustion strategy even with compression ratio as high as 14:1. The benefits are significant increase in Brake Thermal Efficiency and substantial reduction in engine out methane emissions without sacrifice of transient responsiveness.
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Durocher, Antoine, Philippe Versailles, Gilles Bourque i Jeffrey M. Bergthorson. "Uncertainty Quantification of NOx Emissions Induced Through the Prompt Route in Premixed Alkane Flames". W ASME Turbo Expo 2018: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/gt2018-75579.

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Increasingly stringent regulations on emissions in the gas turbine industry require novel designs to minimize the environmental impact of oxides of nitrogen (NOx). The development of advanced low-NOx technologies depends on accurate and reliable thermochemical mechanisms to achieve emissions targets. However, current combustion models have high levels of uncertainty in kinetic rates that, when propagated through calculations, yield significant variations in predictions. A recent study identified and optimized nine elementary reactions involved in CH formation to accurately capture its concentration and improve prompt-NO predictions. The current work quantifies the uncertainty on peak CH concentration and NOx emissions generated by these nine reaction rates only, when propagated through the San Diego mechanism. Various non-intrusive spectral methods are used to study atmospheric alkane-air flames. 1st- and 2nd-order total-order expansions and tensor-product expansions are compared against a reference Monte Carlo analysis to assess the ability of the different techniques to accurately quantify the effect of uncertainties on the quantities of interest. Sparse grids, subsets of the full tensor-product expansion, are shown to retain the advantages of tensor formulation compared to total-order expansions while requiring significantly fewer collocation points to develop a surrogate model. The high resolution per dimension can capture complex probability distributions witnessed in radical species concentrations. The uncertainty analysis of lean to rich flames demonstrated a high variability in NOx predictions reaching up to 400 % of nominal predictions. Wider concentration intervals were observed in rich conditions where prompt-NOx is the dominant contributor to emissions. The high variability and scale of uncertainty in NOx emissions originating from these nine elementary reactions demonstrate the need for future experiments and data assimilation to constrain current models to accurately capture CH for robust NOx emissions predictions.
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Araujo, Maria S., Heath A. Spidle, Shane P. Siebenaler, Samantha G. Blaisdell i David W. Vickers. "Application of Machine Learning to Distributed Temperature Sensing (DTS) Systems". W 2018 12th International Pipeline Conference. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/ipc2018-78640.

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The timely detection of small leaks from liquid pipelines poses a significant challenge for pipeline operations. One technology considered for continual monitoring is distributed temperature sensing (DTS), which utilizes a fiber-optic cable to provide distributed temperature measurements along a pipeline segment. This measurement technique allows for a high accuracy of temperature determination over long distances. Unexpected deviations in temperature at any given location can indicate various physical changes in the environment, including contact with a heated hydrocarbon due to a pipeline leak. The signals stemming from pipeline leaks may not be significantly greater than the noise in the DTS measurements, so care must be taken to configure the system in a manner that can detect small leaks while rejecting non-leak temperature anomalies. There are many factors that influence the frequency and intensity of the backscattered optical signal. This can result in noise in the fine-grained temperature sensing data. Thus, the DTS system must be tuned to the nominal temperature profile along the pipe segment. This customization allows for significant sensitivity and can utilize different leak detection thresholds at various locations based on normal temperature patterns. However, this segment-specific tuning can require a significant amount of resources and time. Additionally, this configuration exercise may have to be repeated as pipeline operating conditions change over time. Thus, there is a significant need and interest in advancing existing DTS processing techniques to enable the detection of leaks that today go undetected by DTS due to their signal response being too close to the noise floor and/or requiring significant resources to achieve positive results. This paper discusses the recent work focused on using machine learning (ML) techniques to detect leak signatures. Initial proof-of-concept results provide a more robust methodology for detecting leaks and allow for the detection of smaller leaks than are currently detectable by typical DTS systems, with low false alarm rates. A key use of ML approaches is that the system can “learn” about a given pipeline on its own without the need to utilize resources for pipeline segment-specific tuning. The potential to have a self-taught system is a powerful concept, and this paper discusses some key initial findings from applying ML-based techniques to optimize leak detection capabilities of an existing DTS system.
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Csápai, Ádám. "Analyzing the Interactions of Monetary and Fiscal Policy in a Small Open Economy Using a DSGE Model". W EDAMBA 2021 : 24th International Scientific Conference for Doctoral Students and Post-Doctoral Scholars. University of Economics in Bratislava, 2022. http://dx.doi.org/10.53465/edamba.2021.9788022549301.63-72.

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The principal aim of this paper is to estimate a small open economy dynamic stochastic general equilibrium (DSGE) model with monetary and fiscal policy and analyze the interaction of these policies in Hungary. In the paper we present the model in a log-linearized form. We combine both calibration and Bayesian estimation to obtain parameter values of the model. We find that the model is suitable for impulse response analysis, so we estimate the impulse response functions of the model. We examine how five endogenous variables – namely output, inflation, the nominal interest rate, government spending and government revenue – react to non-systematic shocks to the nominal interest rate, government spending and government revenue. The plotted impulse response functions allow us to study how monetary and fiscal policy interacts in a small open economy. In some cases we find that restrictive fiscal policy is accompanied by expansive monetary policy, while in other cases the policy responses to shocks are coordinated. We conclude that our results are in accordance with economic theory.
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Raporty organizacyjne na temat "Nominal interest rates"

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Eggertsson, Gauti, Ragnar Juelsrud i Ella Getz Wold. Are Negative Nominal Interest Rates Expansionary? Cambridge, MA: National Bureau of Economic Research, listopad 2017. http://dx.doi.org/10.3386/w24039.

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Eggertsson, Gauti, Ragnar Juelsrud, Lawrence Summers i Ella Getz Wold. Negative Nominal Interest Rates and the Bank Lending Channel. Cambridge, MA: National Bureau of Economic Research, styczeń 2019. http://dx.doi.org/10.3386/w25416.

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McCallum, Bennett. Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates. Cambridge, MA: National Bureau of Economic Research, kwiecień 2000. http://dx.doi.org/10.3386/w7677.

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Buiter, Willem. Negative Nominal Interest Rates: Three ways to overcome the zero lower bound. Cambridge, MA: National Bureau of Economic Research, czerwiec 2009. http://dx.doi.org/10.3386/w15118.

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Cecchetti, Stephen. The Case of the Negative Nominal Interest Rates: New Estimates of the Term Structure of Interest Rates During the Great Depression. Cambridge, MA: National Bureau of Economic Research, grudzień 1987. http://dx.doi.org/10.3386/w2472.

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Swanson, Eric. The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates. Cambridge, MA: National Bureau of Economic Research, październik 2018. http://dx.doi.org/10.3386/w25123.

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Lopez, Jose, Andrew Rose i Mark Spiegel. Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross Country Evidence. Cambridge, MA: National Bureau of Economic Research, wrzesień 2018. http://dx.doi.org/10.3386/w25004.

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Barr, David, i John Campbell. Inflation, Real Interest Rates, and the Bond Market: A Study of UK Nominal and Index-Linked Government Bond Prices. Cambridge, MA: National Bureau of Economic Research, listopad 1996. http://dx.doi.org/10.3386/w5821.

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Hamann, Franz, Cesar Anzola, Oscar Avila-Montealegre, Juan Carlos Castro-Fernandez, Anderson Grajales-Olarte, Alexander Guarín, Juan C. Mendez-Vizcaino, Juan J. Ospina-Tejeiro i Mario A. Ramos-Veloza. Monetary Policy Response to a Migration Shock: An Analysis for a Small Open Economy. Banco de la República de Colombia, styczeń 2021. http://dx.doi.org/10.32468/be.1153.

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We develop a small open economy model with nominal rigidities and fragmented labor markets to study the response of the monetary policy to a migration shock. Migrants are characterized by their productivity levels, their restrictions to accumulate capital, as well as by the flexibility of their labor income. Our results show that the monetary policy response depends on the characteristics of migrants and the local labor market. An inflow of low(high)-productivity workers reduces(increases) marginal costs, lowers(raises) inflation expectations and pushes the Central Bank to reduce(increase) the interest rate. The model is calibrated to the Colombian economy and used to analyze a migratory inflow of financially constraint workers from Venezuela into a sector with flexible and low wages.
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Moores, Lee, Stacy Jones, Garrett George, David Henderson i Timothy Schutt. Photo degradation kinetics of insensitive munitions constituents nitroguanidine, nitrotriazolone, and dinitroanisole in natural waters. Engineer Research and Development Center (U.S.), wrzesień 2021. http://dx.doi.org/10.21079/11681/41900.

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Herein the matrix effects on the kinetics of aqueous photolysis for the individual munitions constituents of IMX-101: nitroguanidine (NQ), dinitroanisole (DNAN), and nitrotriazolone (NTO) are reported along with the environmentally relevant kinetics and quantum yields. Photolysis potentially represents a major degradation pathway for these munitions in the environment and further understanding the complex matrices effects on photolytic kinetics was needed. Aqueous systems are of particular interest due to the high solubility of NQ (3,800 ppm) and NTO (16,642 ppm) compared to the traditional munitions trinitrotoluene (TNT, 100.5 ppm) and 1,3,5-trinitro-1,3,5-triazine (RDX, 59.9 ppm). Environmental half-lives (and quantum yields) were found to be 0.44 days, 0.83 days, and 4.4 days for NQ, DNAN, and NTO, respectively, under natural sunlight. In laboratory experiments using nominally 300 nm bulbs in a merry-go-round style reactor in DI water the relative rate of photolysis for the three munitions constituents followed the same order NQ > DNAN > NTO, where DNAN and NTO reacted 57 and 115 times more slowly, respectively, than NQ. In the various environmentally relevant matrices tested in the laboratory experiments NQ was not significantly affected, DNAN showed a faster degradation with increasing ionic strength, and NTO showed a modest salinity and pH dependence on its rate of photolysis.
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