Lower bound beliefs and long-term interest rates /:
We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structure combined with a lower bound on policy rates suggests that normal policy transmissio...
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| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/62. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structure combined with a lower bound on policy rates suggests that normal policy transmission is reduced when policy rates approach this lower bound. We show that if market participants revise downward the believed location of the lower bound, this may in itself reduce long-term yields. Moreover, normal policy transmission to long-term rates increases. A cross-country event study suggests that such effects have been empirically relevant during the recent negative interest rate episode. |
| Beschreibung: | "March 2017." |
| Beschreibung: | 1 online resource (41 pages) |
| Bibliographie: | Includes bibliographical references at the end of each chapters. |
| ISBN: | 9781475588255 1475588259 |
| ISSN: | 1018-5941 1018-5941 ; |
Internformat
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| 505 | 0 | |a Cover; Lower Bound Beliefs and Long-Term Interest Rates; 1 Introduction; 2 Theory; 3 An Event Study of Changes in the Lower Bound; 4 Conclusion; References. | |
| 520 | 3 | |a We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structure combined with a lower bound on policy rates suggests that normal policy transmission is reduced when policy rates approach this lower bound. We show that if market participants revise downward the believed location of the lower bound, this may in itself reduce long-term yields. Moreover, normal policy transmission to long-term rates increases. A cross-country event study suggests that such effects have been empirically relevant during the recent negative interest rate episode. | |
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| author | Grisse, Christian Krogstrup, Signe Schumacher, Silvio |
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| contents | Cover; Lower Bound Beliefs and Long-Term Interest Rates; 1 Introduction; 2 Theory; 3 An Event Study of Changes in the Lower Bound; 4 Conclusion; References. |
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| id | ZDB-4-EBA-ocn982011597 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-27T13:27:46Z |
| institution | BVB |
| isbn | 9781475588255 1475588259 |
| issn | 1018-5941 1018-5941 ; |
| language | English |
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| spelling | Grisse, Christian, author. Lower bound beliefs and long-term interest rates / by Christian Grisse, Signe Krogstrup, and Silvio Schumacher. [Washington, D.C.] : International Monetary Fund, [2017] ©2017 1 online resource (41 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper, 1018-5941 ; WP/17/62 "March 2017." Print version record. Cover; Lower Bound Beliefs and Long-Term Interest Rates; 1 Introduction; 2 Theory; 3 An Event Study of Changes in the Lower Bound; 4 Conclusion; References. We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structure combined with a lower bound on policy rates suggests that normal policy transmission is reduced when policy rates approach this lower bound. We show that if market participants revise downward the believed location of the lower bound, this may in itself reduce long-term yields. Moreover, normal policy transmission to long-term rates increases. A cross-country event study suggests that such effects have been empirically relevant during the recent negative interest rate episode. Includes bibliographical references at the end of each chapters. Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Interest rates. http://id.loc.gov/authorities/subjects/sh85067247 Interest rates Econometric models. Politique monétaire. Taux d'intérêt. Taux d'intérêt Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Interest rates fast Interest rates Econometric models fast Monetary policy fast Krogstrup, Signe, author. Schumacher, Silvio, author. Print version: Grisse, Christian. Lower Bound Beliefs and Long-Term Interest Rates. Washington, D.C. : International Monetary Fund, ©2017 9781475588224 IMF working paper ; WP/17/62. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1496817 Volltext |
| spellingShingle | Grisse, Christian Krogstrup, Signe Schumacher, Silvio Lower bound beliefs and long-term interest rates / IMF working paper ; Cover; Lower Bound Beliefs and Long-Term Interest Rates; 1 Introduction; 2 Theory; 3 An Event Study of Changes in the Lower Bound; 4 Conclusion; References. Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Interest rates. http://id.loc.gov/authorities/subjects/sh85067247 Interest rates Econometric models. Politique monétaire. Taux d'intérêt. Taux d'intérêt Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Interest rates fast Interest rates Econometric models fast Monetary policy fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85086787 http://id.loc.gov/authorities/subjects/sh85067247 |
| title | Lower bound beliefs and long-term interest rates / |
| title_auth | Lower bound beliefs and long-term interest rates / |
| title_exact_search | Lower bound beliefs and long-term interest rates / |
| title_full | Lower bound beliefs and long-term interest rates / by Christian Grisse, Signe Krogstrup, and Silvio Schumacher. |
| title_fullStr | Lower bound beliefs and long-term interest rates / by Christian Grisse, Signe Krogstrup, and Silvio Schumacher. |
| title_full_unstemmed | Lower bound beliefs and long-term interest rates / by Christian Grisse, Signe Krogstrup, and Silvio Schumacher. |
| title_short | Lower bound beliefs and long-term interest rates / |
| title_sort | lower bound beliefs and long term interest rates |
| topic | Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Interest rates. http://id.loc.gov/authorities/subjects/sh85067247 Interest rates Econometric models. Politique monétaire. Taux d'intérêt. Taux d'intérêt Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Interest rates fast Interest rates Econometric models fast Monetary policy fast |
| topic_facet | Monetary policy. Interest rates. Interest rates Econometric models. Politique monétaire. Taux d'intérêt. Taux d'intérêt Modèles économétriques. BUSINESS & ECONOMICS Finance. Interest rates Interest rates Econometric models Monetary policy |
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