EAN: 9783642215742

THE YIELD CURVE AND FINANCIAL RISK PREMIA - FEL...

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.

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