Publications

52 publications found, searching for 'Interest Rates '

• Working Paper No. 956
  May 19, 2020

  An Empirical Analysis of Long-Term Brazilian Interest Rates

  Tanweer Akram and Syed Al-Helal Uddin
  Abstract

  This paper empirically models the dynamics of Brazilian government bond (BGB) yields based on monthly macroeconomic data in the context of the evolution of Brazil’s key macroeconomic variables. The results…more

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• Working Paper No. 951
  April 10, 2020

  A Simple Model of the Long-Term Interest Rate

  Tanweer Akram
  Abstract

  This paper presents a simple model of the long-term interest rate. The model represents John Maynard Keynes’s conjecture that the central bank’s actions influence the long-term interest rate primarily through…more

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• Working Paper No. 944
  January 16, 2020

  The Empirics of Canadian Government Securities Yields

  Tanweer Akram and Anupam Das
  Abstract

  Keynes argued that the short-term interest rate is the main driver of the long-term interest rate. This paper empirically models the relationship between short-term interest rates and long-term government securities…more

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• Working Paper No. 938
  October 15, 2019

  The Impact of the Bank of Japan’s Monetary Policy on Japanese Government Bonds’ Low Nominal Yields

  Tanweer Akram and Huiqing Li
  Abstract

  Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government debt ratios have continued to increase amid a protracted period of stagnant nominal GDP,…more

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• Working Paper No. 934
  August 22, 2019

  An Analysis of the Daily Changes in US Treasury Security Yields

  Tanweer Akram and Anupam Das
  Abstract

  This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of…more

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• Working Paper No. 929
  May 16, 2019

  When to Ease Off the Brakes (and Hopefully Prevent Recessions)

  Tai Young-Taft, Harold M. Hastings, and Thomas Wang
  Abstract

  Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6–16 months before the…more

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• Working Paper No. 910
  August 21, 2018

  Australian Government Bonds’ Nominal Yields

  Tanweer Akram and Anupam Das
  Abstract

  The short-term interest rate is the main driver of the Commonwealth of Australia government bonds’ nominal yields. This paper empirically models the dynamics of government bonds’ nominal yields using the…more

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• Working Paper No. 906
  May 11, 2018

  The Dynamics of Japanese Government Bonds’ Nominal Yields

  Tanweer Akram and Huiqing Li
  Abstract

  This paper employs a Keynesian perspective to explain why Japanese government bonds’ (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC)…more

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• Working Paper No. 894
  August 04, 2017

  An Inquiry Concerning Long-term US Interest Rates Using Monthly Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within…more

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• Working Paper No. 889
  May 08, 2017

  The Dynamics of Government Bond Yields in the Eurozone

  Tanweer Akram and Anupam Das
  Abstract

  This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets…more

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• Working Paper No. 881
  January 11, 2017

  The Long-run Determinants of Indian Government Bond Yields

  Tanweer Akram and Anupam Das
  Abstract

  This paper investigates the long-term determinants of Indian government bonds’ (IGB) nominal yields. It examines whether John Maynard Keynes’s supposition that short-term interest rates are the key driver of long-term…more

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• Working Paper No. 876
  October 12, 2016

  Normalizing the Fed Funds Rate

  Flavia Dantas
  Abstract

  In December 2015, the Federal Reserve Board (FRB) initiated the process of “normalization,” with the objective of gradually raising the federal funds rate back to “normal”—i.e., levels that are “neither…more

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• Working Paper No. 863
  March 31, 2016

  The Empirics of Long-Term US Interest Rates

  Tanweer Akram and Huiqing Li
  Abstract

  US government indebtedness and fiscal deficits increased notably following the global financial crisis. Yet long-term interest rates and US Treasury yields have remained remarkably low. Why have long-term interest rates…more

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• Working Paper No. 862
  March 17, 2016

  Japan’s Liquidity Trap

  Tanweer Akram
  Abstract

  Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and…more

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• Working Paper No. 852
  October 30, 2015

  The Malady of Low Global Interest Rates

  Tanweer Akram
  Abstract

  Long-term interest rates in advanced economies have been low since the global financial crisis. However, in the United States the Federal Reserve could begin to hike its policy rate, the…more

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• Working Paper No. 834
  March 03, 2015

  Does Keynesian Theory Explain Indian Government Bond Yields?

  Tanweer Akram and Anupam Das
  Abstract

  John Maynard Keynes held that the central bank’s actions determine long-term interest rates through short-term interest rates and various monetary policy measures. His conjectures about the determinants of long-term interest…more

  Download Working Paper No. 834 PDF (1.12 MB)
• Working Paper No. 818
  October 09, 2014

  The Determinants of Long-Term Japanese Government Bonds’ Low Nominal Yields

  Tanweer Akram and Anupam Das
  Abstract

  During the past two decades of economic stagnation and persistent deflation in Japan, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP. Nevertheless,…more

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• Working Paper No. 818
  October 09, 2014

  Οι προσδιοριστικοί παράγοντες των χαμηλών ονομαστικών αποδόσεων στα μακροπρόθεσμα κρατικά ομόλογα της Ιαπωνίας

  Tanweer Akram and Anupam Das
  Abstract

  Κατά τη διάρκεια των τελευταίων δύο δεκαετιών οικονομικής στασιμότητας και επίμονου αποπληθωρισμού στην Ιαπωνία, τα χρόνια δημοσιονομικά ελλείμματα έχουν οδηγήσει σε υψηλά και συνεχώς αυξανόμενα επίπεδα την αναλογία του δημόσιου…more

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 818 PDF (3.76 MB)
• Working Paper No. 813
  August 06, 2014

  Economic Policy in India

  Sunanda Sen and Zico DasGupta
  Abstract

  The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at “price…more

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• Working Paper No. 811
  July 14, 2014

  If Deficits Are Not the Culprit, What Determines Indian Interest Rates?

  Lekha S. Chakraborty, Hrishikesh Vinod, and Honey Karun
  Abstract

  This paper challenges two clichés that have dominated the macroeconometric debates in India. One relates to the neoclassical view that deficits are detrimental to growth, as they increase the rate…more

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• Working Paper No. 685
  September 07, 2011

  Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate

  Alfonso Palacio-Vera
  Abstract

  The main purpose of this study is to explore the potential expansionary effect stemming from the monetization of debt. We develop a simple macroeconomic model with Keynesian features and four…more

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• Policy Note No. 4
  May 12, 2011

  Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunnner of ZIRP and QE? Did He Change His Mind in the General Theory?

  Jan Kregel
  Abstract

  At the end of 1930, as the 1929 US stock market crash was starting to have an impact on the real economy in the form of falling commodity prices, falling…more

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• Policy Note No. 4
  May 12, 2011

  Μια ανάλυση της εξέλιξης των απόψεων του Κέινς για τη νομισματική πολιτική—από τη «Πραγματεία για το Χρήμα» στη «Γενική Θεωρία»

  Jan Kregel
  Abstract

  Προς το τέλος του 1930, καθώς το κραχ του Χρηματιστηρίου της Νέας Υόρκης το 1929 είχε αρχίσει να έχει αντίκτυπο στην πραγματική οικονομία των ΗΠΑ πτώση στις τιμές των εμπορευμάτων,…more

  Download Σημειωματα Πολιτικής 2011/4 PDF (1.30 MB)
• Policy Note No. 2
  May 04, 2011

  Is the Federal Debt Unsustainable?

  James K. Galbraith
  Abstract

  By general agreement, the federal budget is on an “unsustainable path.” Try typing the phrase into Google News: 19 of the first 20 hits refer to the federal debt. But…more

  Download Policy Note 2011/2 PDF (784.34 KB)