TY  - BOOK
AU  - Geiger,Felix
ED  - SpringerLink (Online service)
TI  - The Yield Curve and Financial Risk Premia: Implications for Monetary Policy 
T2  - Lecture Notes in Economics and Mathematical Systems,
SN  - 9783642215759
AV  - HB172.5 
U1  - 339 23
PY  - 2011///
CY  - Berlin, Heidelberg
PB  - Springer Berlin Heidelberg
KW  - Economics
KW  - Econometrics
KW  - Economic policy
KW  - Macroeconomics
KW  - Finance
KW  - Economics/Management Science
KW  - Macroeconomics/Monetary Economics
KW  - Financial Economics
KW  - Economic Policy
N1  - Introduction. Theoretical Foundations for Policy Analysis: Financial Markets and Asset Pricing -- The Theory of the Term Structure of Interest Rates -- A Systematic View on Term Premia. The Term Structure of Interest Rates and Monetary Policy Rules: The Macro-Finance View of the Term Structure of Interest Rates -- Monetary Policy in the Presence of Term Structure Effects. Financial Stability and Monetary Policy: Financial Risk and Boom-Bust Cycles -- Conclusion and Outlook -- Dynamic Optimization -- State-Space Model and Maximum Likelihood Estimation -- Recursive Nature of the Expectations Hypothersis -- Derivation of Affine Coefficient Loadings -- Optimal Monetary Policy
N2  - The determinants of yield curve dynamics have been thoroughly discussed in finance models. However, little can be said about the macroeconomic factors behind the movements of short- and long-term interest rates as well as the risk compensation demanded by financial investors. By taking on a macro-finance perspective, the book’s approach explicitly acknowledges the close feedback between monetary policy, the macroeconomy and financial conditions. Both theoretical and empirical models are applied in order to get a profound understanding of the interlinkages between economic activity, the conduct of monetary policy and the underlying macroeconomic factors of bond price movements. Moreover, the book identifies a broad risk-taking channel of monetary transmission which allows a reassessment of the role of financial constraints; it enables policy makers to develop new guidelines for monetary policy and for financial supervision of how to cope with evolving financial imbalances. In recognition of his excellent thesis, the author received the Suedwestbank Award 2011.   
UR  - http://148.231.10.114:2048/login?url=http://link.springer.com/book/10.1007/978-3-642-21575-9
ER  -