870 research outputs found

    Inflation-proof long-term bonds

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    Indexation (Economics) ; Bonds ; Great Britain

    Real rates and recovery

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    Interest rates ; Business cycles ; Inflation (Finance) ; Money supply

    Policies and prescriptions for safe and sound banking: shocks, lessons, and prospects

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    The author illustrates the extent to which ensuing regulatory changes conform to the prescriptions of Perspectives on Safe and Sound Banking. He probes whether relatively untested regulatory strictures, such as prompt corrective action, will prevail when banking is heavily stressed. He then discusses how "home-run regulation" extends the reach of individual states' bank charters nationwide and whether the Fed will eventually regulate financial institutions marketwide.Banks and banking ; Bank supervision

    Tax-free bonds

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    Securities, Tax-exempt ; Municipal bonds

    Leading economic indicators

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    Economic indicators

    Inflation: retreating or reheating?

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    Inflation (Finance)

    Short-Term Movements of Long-Term Real Interest Rates: Evidence from the U.K. Indexed Bond Market

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    The central goverment now issues both nominal and iflation indexed long-term bonds in the United Kingdom. The difference in their yields provides one measure of the long-term expevted rate of inflation. The evidence suggests that higher long-term, expected , real yields are associated with forecasts of higher income, with tigher monetary policy, and with positive aggregate supply shocks. Changes in the short-termgrowth rate of the monbetary base, which presumably capture the so-called liquidity effect on the short-terminterst rates, do not perceptibly alterlong-term real rates. Long-term real rates also appear to be unaffected by the rate of expected inflation. Comparison with nominal interest rate equiation estimates reveals that conclusions about the effect of all variables are extremely sensitive to the choice of a proxy for expected long-term inflation.

    Excess Reserves in the Great Depression

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    This article assesses the extent to which government-administered financial shocks and lower interest rates can account for the massive accumulation of bank excess reserves in the Great Depression. Both factors are shown to be statistically significant. Financial shocks did exert astatistically detectable influence on the demand for excess reserves but those shocks at best can account for a step-like increase in the level of reserves held, an increase which was completed in less than a year. Financial shocks can explain no more than 1 percent of the variation in excess reserves during the Great Depression. We demonstrate that the most statistically appropriate form of the demand function is one which flattened rapidly as interest rates fell. The fall in interest rates can account for 80 percent of the movement of excess reserves during the Great Depression.

    Liquidity constraints on consumption: the real effects of "real" lending policies

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    Consumption (Economics) ; Income ; Credit ; Liquidity (Economics)
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