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Bonds and Interest Rates

Tomas Björk

in Arbitrage Theory in Continuous Time

Published in print:
2004
Published Online:
October 2005
ISBN:
9780199271269
eISBN:
9780191602849
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271267.003.0020
Subject:
Economics and Finance, Financial Economics

This chapter examines the specific problems associated with the application of arbitrage theory to the bond market. It focuses on zero coupon bonds, also known as pure discount bonds, of various ... More


Short Rate Models

Tomas Björk

in Arbitrage Theory in Continuous Time

Published in print:
2004
Published Online:
October 2005
ISBN:
9780199271269
eISBN:
9780191602849
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271267.003.0021
Subject:
Economics and Finance, Financial Economics

This chapter examines the problem of how to model an arbitrage free family of zero coupon bond price processes. It assumes a market for T-bonds for every choice of T, and that the market is arbitrage ... More


Lives of the Laureates: Twenty-three Nobel Economists

Roger W. Spencer and David A. Macpherson (eds)

Published in print:
2014
Published Online:
May 2015
ISBN:
9780262027960
eISBN:
9780262325868
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027960.001.0001
Subject:
Economics and Finance, Economic History

This book is an informal history of modern economic thought as told through autobiographical chapters by twenty-three Nobel Prize laureates in Economics. The chapters not only provide unique insights ... More


Holding the Line: The National Parties during the Campaign

Andrew Thorpe

in The British General Election of 1931

Published in print:
1991
Published Online:
October 2011
ISBN:
9780198202189
eISBN:
9780191675195
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198202189.003.0009
Subject:
History, British and Irish Modern History

The National Government entered Britain's general election campaign in the full expectation of victory, and the more aware — or candid — Labourites shared their assurance. The Government's leaders ... More


Extracting Yield Curves from Bond Prices

Claus Munk

in Fixed Income Modelling

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199575084
eISBN:
9780191728648
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199575084.003.0002
Subject:
Economics and Finance, Financial Economics

The clearest picture of the term structure of interest rates is obtained by looking at the yields of zero-coupon bonds of different maturities. However, in most countries almost all traded bonds are ... More


Minister of Food, 1941

Michael Kandiah and Judith Rowbotham (eds)

in The Diaries and Letters of Lord Woolton 1940-1945

Published in print:
2020
Published Online:
September 2021
ISBN:
9780197266847
eISBN:
9780191953835
Item type:
chapter
Publisher:
British Academy
DOI:
10.5871/bacad/9780197266847.003.0006
Subject:
History, British and Irish Modern History

Diary extracts and correspondence, thematically arranged, with extensive footnotes identifying newspaper coverage and parliamentary speeches, dealing with Woolton’s policies and actions on rationing ... More


Minister of Food, 1942

Michael Kandiah and Judith Rowbotham (eds)

in The Diaries and Letters of Lord Woolton 1940-1945

Published in print:
2020
Published Online:
September 2021
ISBN:
9780197266847
eISBN:
9780191953835
Item type:
chapter
Publisher:
British Academy
DOI:
10.5871/bacad/9780197266847.003.0007
Subject:
History, British and Irish Modern History

Diary extracts and correspondence, thematically arranged, with extensive footnotes identifying newspaper coverage of Woolton’s policies and actions on rationing, as the Battle of the Atlantic ... More


FISP activities and achievements

Ephraim Chirwa and Andrew Dorward

in Agricultural Input Subsidies: The Recent Malawi Experience

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199683529
eISBN:
9780191763069
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199683529.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

The implementation of the FISP as a national programme is complex, involving several activities and interaction and coordination of various stakeholders at different levels. Drawing on programme ... More


Time: It’s On Your Side

Anindya Ghose

in Tap: Unlocking the Mobile Economy

Published in print:
2017
Published Online:
January 2018
ISBN:
9780262036276
eISBN:
9780262340427
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262036276.003.0007
Subject:
Business and Management, Marketing

This chapter examines one of nine critical forces behind purchase decisions that make mobile advertising so powerful: time. It addresses questions such as: How can advertisers use time to their ... More


Trills Instead of T-Bills: It’s Time to Replace Part of Government Debt with Shares in GDP

Mark J. Kamstra and Robert J. Shiller

in The Economists' Voice 2.0: The Financial Crisis, Health Care Reform, and More

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231160155
eISBN:
9780231504324
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231160155.003.0029
Subject:
Economics and Finance, Public and Welfare

This chapter argues that, in parallel with the many other ongoing changes in the US financial structure, the obligations of the national government should take a new and innovative form. It proposes ... More


The Sight of Death in Tolstoy

Sharon Cameron

in The Bond of the Furthest Apart: Essays on Tolstoy, Dostoevsky, Bresson, and Kafka

Published in print:
2017
Published Online:
September 2017
ISBN:
9780226413907
eISBN:
9780226414232
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226414232.003.0004
Subject:
Literature, Criticism/Theory

This essay engages two strains of Tolstoy’s writing. In the first, the sight of death is the foundation of ethical understanding; in the second, if ethical understanding is practiced, there is no ... More


Engineering of Valuation Models without Simulations

Andrew Davidson and Alexander Levin

in Mortgage Valuation Models: Embedded Options, Risk, and Uncertainty

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199998166
eISBN:
9780199363698
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199998166.003.0009
Subject:
Economics and Finance, Financial Economics

This chapter introduces non-Monte Carlo methods of MBS valuation including closed-form solution of the OAS equation. Authors consider different specifications of prepayment function and illustrate ... More


Accrual Bonds/Z Bonds

Linda Lowell, Glenn Schultz, and Frank J. Fabozzi

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0014
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter discusses the role of accrual bonds in the collateralized mortgage obligation (CMO) market. The accrual bond is a long-dated bond which is structured in such a way that it does not pay ... More


Floating-Rate Mortgage Securities

Airat Chanyshev, Erin McHugh, and Esther Bruegger

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0016
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter explores the different types of floating-rate mortgage securities, their structural characteristics, and their valuation. It also provides an overview of the current floating-rate ... More


Inverse Floating-Rate CMOs

Cyrus Mohebbi, Raymond Yu, Marc Barakat, and Paula Steisel Goldfarb

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0017
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter discusses inverse floating-rate securities, which are leveraged securities that offer investors a floating-rate coupon that periodically resets off an index. In contrast to floating-rate ... More


Modeling Prepayments and Defaults for MBS Valuation

Jonathon Weiner

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0025
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter analyzes modeling prepayments and the defaults for mortgage-backed securities (MBS) valuation. Embedded in MBS are two options—the option to pay off the loan prematurely and the option ... More


Customized Mortgage-Backed Securities

Anand Bhattacharya, Bill Berliner, and Steve Banerjee

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0008
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter discusses the descriptive and valuation issues in the customized mortgage-backed securities (MBS) markets. The concept of custom MBS is based upon identifying obligor and property ... More


Bonds and Interest Rates

Tomas Björk

in Arbitrage Theory in Continuous Time

Published in print:
2019
Published Online:
February 2020
ISBN:
9780198851615
eISBN:
9780191886218
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198851615.003.0019
Subject:
Economics and Finance, Econometrics

In this chapter the reader is introduced to the basic concepts of interest rate theory. Starting with a market for zero coupon bonds we define the relevant interest rates such as the short rate, the ... More


Rawls’s Critique of Welfare-State Capitalism

Alan Thomas

in Republic of Equals: Predistribution and Property-Owning Democracy

Published in print:
2016
Published Online:
December 2016
ISBN:
9780190602116
eISBN:
9780190602130
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190602116.003.0007
Subject:
Philosophy, Political Philosophy, General

This chapter examines John Rawls’s critique of welfare-state capitalism. The republican focus on liberty as non-domination that Rawls shares with liberal-republicanism explains its most controversial ... More


Property-owning Democracy Versus Market Socialism

Alan Thomas

in Republic of Equals: Predistribution and Property-Owning Democracy

Published in print:
2016
Published Online:
December 2016
ISBN:
9780190602116
eISBN:
9780190602130
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190602116.003.0008
Subject:
Philosophy, Political Philosophy, General

John Rawls argued this conception of justice as fairness could be equally well expressed by one of two social systems: a property-owning democracy or liberal market socialism. This chapter argues ... More


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