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The Yield Curve and Financial Risk Premia - Implications for Monetary Policy (Paperback, Edition.)
Loot Price: R2,968
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The Yield Curve and Financial Risk Premia - Implications for Monetary Policy (Paperback, Edition.)
Series: Lecture Notes in Economics and Mathematical Systems, 654
Expected to ship within 10 - 15 working days
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The determinants of yield curve dynamics have been thoroughly
discussed in finance models. However, little can be said about the
macroeconomic factors behind the movements of short- and long-term
interest rates as well as the risk compensation demanded by
financial investors. By taking on a macro-finance perspective, the
book's approach explicitly acknowledges the close feedback between
monetary policy, the macroeconomy and financial conditions. Both
theoretical and empirical models are applied in order to get a
profound understanding of the interlinkages between economic
activity, the conduct of monetary policy and the underlying
macroeconomic factors of bond price movements. Moreover, the book
identifies a broad risk-taking channel of monetary transmission
which allows a reassessment of the role of financial constraints;
it enables policy makers to develop new guidelines for monetary
policy and for financial supervision of how to cope with evolving
financial imbalances.
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