The Inverted Fisher Hypothesis Inflation Forecastability And Asset Substitution Epub

Author: Woon Gyu Choi
Publisher: International Monetary Fund
ISBN: 145279054X
Size: 36.93 MB
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This paper examines the implications of inflation persistence for the inverted Fisher hypothesis that nominal interest rates do not adjust to inflation because of a high degree of substitutability between money and bonds. It is emphasized that the substitutability between nominal assets and capital renders the hypothesis inconsistent with the data when inflation persistence is high. Using a switching regression model, the analysis allows the reflection of inflation in interest rates to vary according to the degree of inflation persistence or forecastability. The hypothesis is supported by U.S. data only when inflation forecastability is below a certain threshold.

Epub

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455226602
Size: 15.37 MB
Format: PDF
View: 865
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The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx

Asymmetric Effects Of Government Spending Does The Level Of Real Interest Rates Matter Epub

Author: Woon Gyu Choi
Publisher: International Monetary Fund
ISBN: 1452736057
Size: 61.61 MB
Format: PDF, Docs
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This paper empirically explores how fiscal policy (represented by increases in government spending) has asymmetric effects on economic activity at different levels of real interest rates. It suggests that the effect of fiscal policy depends on the level of real rates, since the Ricardian effect is smaller at lower financing costs of fiscal policy. Using threshold regression models on U.S. data, the paper provides new evidence that expansionary government spending is more conducive to short-run growth when real rates are low. It also finds asymmetric effects on interest rates and inflation, and threshold effects associated with substitution between financing methods.

A Random Walk Down Wall Street

Author: Burton Gordon Malkiel
Publisher: W. W. Norton & Company
ISBN: 9780393320404
Size: 54.79 MB
Format: PDF
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Argues that a randomly selected portfolio of stocks will do as well or better than those selected by a financial expert, and describes successful investment strategies

Handbook Of Exchange Rates

Author: Jessica James
Publisher: John Wiley & Sons
ISBN: 1118445775
Size: 43.51 MB
Format: PDF
View: 6735
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Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.

Encyclopedia Of Business And Finance A I

Author: Burton S. Kaliski
Publisher: MacMillan Reference Library
ISBN: 9780028660622
Size: 47.85 MB
Format: PDF
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Contains over 315 alphabetically arranged articles that provide information about the major functional areas of business, covering accounting, economics, finance, information systems, law, management, and marketing, as well as organizations in business and government, and federal legislation.

Brookings Papers On Economic Activity Fall 2015

Author: David H. Romer
Publisher:
ISBN: 9780815728702
Size: 69.95 MB
Format: PDF, Kindle
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Contents The Pitfalls of External Dependence: Greece, 1829-2015 Carmen M. Reinhart and Christoph Trebesch Is the Greek Crisis One of Supply or Demand? Yannis M. Ioannides and Christopher Pissarides Greek Debt Sustainability and Official Crisis Lending Julian Schumacher and Beatrice Weder di Mauro Greek Budget Realities: No Easy Options Christopher L. House and Linda L. Tesar Weather Adjusting Economic Data Michael Boldin and Jonathan H. Wright Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand Saten Kumar, Hassan Afrouzi, Olivier Coibion, and Yuriy Gorodnichenko "Dynamic Scoring”: Why and How to Include Macroeconomic Effects in Budgetary Estimates for Legislative Proposals Douglas Elmendorf Looking for a Success in the Euro Crisis Adjustment Programs: The Case of Portugal Ricardo Reis Overcoming the Lost Decades? Abenomics after Three Years Joshua K. Hausman and Johannes F. Wieland A Crisis in Student Loans? How Changes in the Characteristics of Borrowers and in the Institutions They Attend Contributed to Rising Loan Defaults Adam Looney and Constantine Yannelis

The Elgar Companion To Austrian Economics

Author: P. J. Boettke
Publisher: Edward Elgar Publishing
ISBN: 0857934686
Size: 53.51 MB
Format: PDF, ePub
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'The book can be recommended both to those who know something about Austrian economics already, and to those who know nothing.' David Simpson, Economic Affairs 'Mr Boettke's very readable compendium consists of short articles by mostly young scholars, selected to illustrate the diversity and fecundity of modern Austrian economics.' Michael Prowse, The Financial Times The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social sciences, political theory and political science. This book includes contributions from an international group of scholars whose work demonstrates a basic similarity and interest in questions which have historically been associated with the Austrian approach to economics, although many of the contributors would not consider themselves to be strictly of this school. The distinguished team of contributors commissioned by the editor includes: K.D. Hoover, I.M. Kirzner, A. Klamer, D. Lavoie, C.K. Rowley, M. Rizzo, M. Rutherford, R.E. Wagner, U. Witt, L. Yeager. Each entry is fully referenced and includes suggestions for further readings on the topic. The Companion will be the standard reference work for all those engaged in the field of Austrian Economics. It not only introduces students to the Austrian school, but also serves as an important research tool for scholars working within the Austrian tradition.

Mastering R For Quantitative Finance

Author: Edina Berlinger
Publisher: Packt Publishing Ltd
ISBN: 1783552085
Size: 51.36 MB
Format: PDF, ePub
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This book is intended for those who want to learn how to use R's capabilities to build models in quantitative finance at a more advanced level. If you wish to perfectly take up the rhythm of the chapters, you need to be at an intermediate level in quantitative finance and you also need to have a reasonable knowledge of R.

The Mathematics Of Financial Modeling And Investment Management

Author: Sergio M. Focardi
Publisher: John Wiley & Sons
ISBN: 0471674230
Size: 42.10 MB
Format: PDF, Docs
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the mathematics of financial modeling & investment management The Mathematics of Financial Modeling & Investment Management covers a wide range of technical topics in mathematics and finance-enabling the investment management practitioner, researcher, or student to fully understand the process of financial decision-making and its economic foundations. This comprehensive resource will introduce you to key mathematical techniques-matrix algebra, calculus, ordinary differential equations, probability theory, stochastic calculus, time series analysis, optimization-as well as show you how these techniques are successfully implemented in the world of modern finance. Special emphasis is placed on the new mathematical tools that allow a deeper understanding of financial econometrics and financial economics. Recent advances in financial econometrics, such as tools for estimating and representing the tails of the distributions, the analysis of correlation phenomena, and dimensionality reduction through factor analysis and cointegration are discussed in depth. Using a wealth of real-world examples, Focardi and Fabozzi simultaneously show both the mathematical techniques and the areas in finance where these techniques are applied. They also cover a variety of useful financial applications, such as: * Arbitrage pricing * Interest rate modeling * Derivative pricing * Credit risk modeling * Equity and bond portfolio management * Risk management * And much more Filled with in-depth insight and expert advice, The Mathematics of Financial Modeling & Investment Management clearly ties together financial theory and mathematical techniques.