A study of the impact of monetary policy on long-term interest rates in New Zealand : a thesis presented in partial fulfilment of the requirements for the degree of Master of Business Studies in Financial Economics at Massey University

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dc.contributor.authorJi, Jun
dc.date.accessioned2017-01-10T02:12:09Z
dc.date.available2017-01-10T02:12:09Z
dc.date.issued1998
dc.description.abstractThis paper examines the impact of monetary policy on the daily long-term interest rate (the 10 year government bond rate) in New Zealand. An attempt is also made to compare the impact of international long-term interest rates (the 10 year bond rate) on domestic long-term rates. The Monetary Condition Index (MCI) and 90 day bill rates are used as proxies for the Reserve Bank's monetary stance over the period 3 October 1994 to 30 September 1997. In the empirical literature, it is common to use the benchmark short-term interest rate as the monetary policy proxy. However, this paper argues that using the MCI as the proxy is more appropriate, as it incorporates the effect of the exchange rate, and in part reflects the monetary policy stance of the Reserve Bank. The study finds that the impact of domestic monetary policy on daily long-term interest rates is limited compared to the impact of international interest rates on those same rates. New Zealand long-term interest rates seem not only to move with international rates, but seem to be largely driven by them.en_US
dc.identifier.urihttp://hdl.handle.net/10179/10224
dc.identifier.wikidataQ112852245
dc.identifier.wikidata-urihttps://www.wikidata.org/wiki/Q112852245
dc.language.isoenen_US
dc.publisherMassey Universityen_US
dc.rightsThe Authoren_US
dc.subjectNew Zealanden_US
dc.subjectMonetary policyen_US
dc.subjectEconometric modelsen_US
dc.subjectInterest ratesen_US
dc.titleA study of the impact of monetary policy on long-term interest rates in New Zealand : a thesis presented in partial fulfilment of the requirements for the degree of Master of Business Studies in Financial Economics at Massey Universityen_US
dc.typeThesisen_US
massey.contributor.authorJi, Junen_US
thesis.degree.disciplineFinancial Economicsen_US
thesis.degree.grantorMassey Universityen_US
thesis.degree.levelMastersen_US
thesis.degree.nameMaster of Business Studies (M. B. S.)en_US
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