No description available.

Liu, Wenqi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references (leaves 69-72). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts also in Chinese.

Short-term interest rates are key economic variables, yet few people understand how these rates are determined. This confusion extends to the theoretical level. In neoclassical interest-rate theory for instance, the interest rate is determined by the supply of and demand for loanable funds. Contrary to this view, the Post Keynesian approach suggests that the interest rate is determined by central banks as a key policy variable in pursuit of its monetary policy objective/s. This dissertation examines how the current and previous Governors of the South African Reserve Bank deliberately used short-term interest rates to exert an influence on the general level of short-term interest rates. In doing so, they implicitly adopted the Post Keynesian approach. This view is shared by most central bankers today, giving credence to the widespread recognition that short-term interest rates are determined as a policy variable and not by impersonal market forces. / Economics / MCOM (ECONOMICS)

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, December 2000. / Includes bibliographical references. Also available on the Internet.

Thesis (Ph.D) - University of Queensland, 2006. / Includes bibliography.

Short-term interest rates are key economic variables, yet few people understand how these rates are determined. This confusion extends to the theoretical level. In neoclassical interest-rate theory for instance, the interest rate is determined by the supply of and demand for loanable funds. Contrary to this view, the Post Keynesian approach suggests that the interest rate is determined by central banks as a key policy variable in pursuit of its monetary policy objective/s. This dissertation examines how the current and previous Governors of the South African Reserve Bank deliberately used short-term interest rates to exert an influence on the general level of short-term interest rates. In doing so, they implicitly adopted the Post Keynesian approach. This view is shared by most central bankers today, giving credence to the widespread recognition that short-term interest rates are determined as a policy variable and not by impersonal market forces. / Economics / MCOM (ECONOMICS)

No description available.

No description available.

No description available.

The pure expectations hypothesis says that forward rates, implied off a yield curve, are unbiased predictors of future spot rates. Which implies forward rates, according to the pure expectations hypothesis, should provide reliable forecasts of future spot rates. This study set out to see if the theory behind the pure expectations hypothesis holds in a South African context. If it does hold, it can have an impact on real world applications such as bond trading strategies and the setting of monetary policy. To test the theory behind the pure expectations hypothesis, South African government bond data for the short end of the yield curve was used. Various regression tests were run. These regressions tested mainly for forward rate forecast accuracy, the relationship between forecast errors and changes in the spot rate, for the presence of liquidity premiums and to test for market efficiency. The results indicated that forecast accuracy and the relationship between forecast errors and changes in the spot rate were contrary to the theory behind the pure expectations hypothesis. A liquidity premium was found to exist and there appeared to be weak form market efficiency. These results led to a conclusion that there is very little evidence to support the theory behind the pure expectations hypothesis. This was mainly due to the presence of a liquidity premium. The pure expectations hypothesis does not seem to be of any significant use within real world applications.