The expectations hypothesis of the term structure: the UK interbank market

Article Abstract:

The expectation hypothesis (EH) is examined using vector auto regression and cointegration analysis and applied to maturities in the UK interbank market. Comparison of maturity periods between 1-week and 12-months indicate a gap in the term structures of interest rates when 6-month and 12-month maturity periods are paired. The gap may be explained by liquidity constraints, market segmentation or a premium caused by time varying terms. EH is supported by perfect foresight regressions in all maturity periods except by the Campbell-Shiller vector regression.

Interest rates, Rational expectations (Economics)

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The role and operations of the Bank of England Monetary Policy Committee

Article Abstract:

A study was conducted to characterize the way in which the Monetary Policy Committee of the Bank of England carries out the job it has been given under the new measures for the conduct of monetary policy. Members of the committee are given a steady flow of materials and engage in their readings and attendance at seminars. Minutes of meetings involve the publication of the record of the vote within six weeks and a review of monetary policy decisions supported by the committee in the previous three months.

Bank of England, Economic policy, Monetary policy

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The case for financial laissez-faire

Article Abstract:

Laissez-Faire or free banking is compared to financial systems with government-required deposit insurance and central bank regulations. Free banking, which assumes a stable banking system without government intervention, advocates a free trade approach. Although free banking is being criticized by some economists, their acceptance of the free enterprise rule contradicts their contention that government intervention is necessary to stabilize the banking system.

Management, Evaluation, Central banks, Financial intermediation, Free enterprise

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