900 resultados para Uncovered interest parity,
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"May 1958."
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Mode of access: Internet.
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Mode of access: Internet.
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Mode of access: Internet.
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Unexpected inflation, disinflation or deflation cause arbitrary income transfers between an economy's borrowers and lenders. This redistribution results from distorted real interest rates that are too high when price level changes are over-predicted and too low when they are under-predicted. This article shows that in Australia's case, inflation expectations were mostly biased upwards throughout the 1990s, according to the Melbourne Institute of Applied Economic and Social Research series and to a new derived series based on bond yields, implying that real interest rates were too high over this time. In turn, this caused substantial arbitrary income transfers from debtors to creditors, estimated to have averaged up to 3 per cent of gross domestic product over the period.
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Photoluminescent emission is observed from surface-passivated PbS nanocrystals following the two-photon excitation of high-energy excitonic states. The emission appears directly at the excitation energy with no detectable Stokes-shift for a wide range of excitation energies. The observation of direct emission from states excited by two-photon absorption indicates that the parity of the excited states of surface-passivated PbS nanocrystals is partially mixed.
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The present paper investigates the characteristics of short-term interest rates in several countries. We examine the importance of nonlinearities in the mean reversion and volatility of short-term interest rates. We examine various models that allow the conditional mean (drift) and conditional variance (diffusion) to be functions of the current short rate.We find that different markets require different models. In particular, we find evidence of nonlinear mean reversion in some of the countries that we examine, linear mean reversion in others and no mean reversion in some countries. For all countries we examine, there is strong evidence of the need for the volatility of interest rate changes to be highly sensitive to the level of the short-term interest rate. Out-of-sample forecasting performance of one-factor short rate models is poor, stemming from the inability of the models to accommodate jumps and discontinuities in the time series data.
Grant's Application: It's time for a new approach to a public interest' exclusion from patentability
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To advance understanding of Special Interest Tourism (SIT), this paper will explore the complexities of this phenomenon in the early 21st century. First, a look at what is out there, both from a supply and demand perspective, will serve to paint a broad picture at macro-level. The paper will present a discussion of the SIT phenomenon at the macro-level within a triangular relationship of supply, demand and media. Then, a more specific look at SIT attempts to clarify the ambiguity of the term. Finally, a look at micro-level from the consumer's perspective will introduce the concepts of enduring and situational involvement, and the nature of the product. Proposed frameworks are presented to provide structure and possible directions for future research and as a means of progressing conceptual development. (c) 2004 Elsevier Ltd. All rights reserved.