Read A Behavioral Theory of Interest Rate Formation (Classic Reprint)

A Behavioral Theory of Interest Rate Formation (Classic Reprint)

James H. Hines Jr.

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Description:Excerpt from A Behavioral Theory of Interest Rate FormationIntroduction. This paper developes and marshals empirical support for a theory of the nominal, short-term, risk-free interest rate. Unlike most approaches to the problem, the formulation presented here does not assume equality of supply and demand for securities. Rather, the formulation is a mechanism which would help to bring supply and demand into balance in a larger macroeconomic model. Empirical support is offered at two levels of aggregation: Empirical studies of individual human decision making are used to suggest an appropriate structure; the structure is then estimated using macro-economic data.In the proposed formulation the risk free interest rate moves in response to liquidity pressures experienced principally by intermediaries. Liquidity pressures cause movements in the interest rate relative to the underlying interest rate, a construct which represents the interest rate environment to which people have become accustomed.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with A Behavioral Theory of Interest Rate Formation (Classic Reprint). To get started finding A Behavioral Theory of Interest Rate Formation (Classic Reprint), you are right to find our website which has a comprehensive collection of manuals listed.
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ISBN: 0484286684

Description: Excerpt from A Behavioral Theory of Interest Rate FormationIntroduction. This paper developes and marshals empirical support for a theory of the nominal, short-term, risk-free interest rate. Unlike most approaches to the problem, the formulation presented here does not assume equality of supply and demand for securities. Rather, the formulation is a mechanism which would help to bring supply and demand into balance in a larger macroeconomic model. Empirical support is offered at two levels of aggregation: Empirical studies of individual human decision making are used to suggest an appropriate structure; the structure is then estimated using macro-economic data.In the proposed formulation the risk free interest rate moves in response to liquidity pressures experienced principally by intermediaries. Liquidity pressures cause movements in the interest rate relative to the underlying interest rate, a construct which represents the interest rate environment to which people have become accustomed.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with A Behavioral Theory of Interest Rate Formation (Classic Reprint). To get started finding A Behavioral Theory of Interest Rate Formation (Classic Reprint), you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

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A Behavioral Theory of Interest Rate Formation (Classic Reprint)

A Behavioral Theory of Interest Rate Formation (Classic Reprint)

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