Asset Prices
2002
House
prices, household debt and monetary policy 
(109k)
Speech by Stephen Nickell, given at a private dinner for Glasgow
Agency contacts in Glasgow on 11 December 2002
Addresses the question: should we keep interest rates higher
than would be required to hit the inflation target during 2004
in order not to encourage further debt accumulation and increases
in house prices? Argues that the right answer to the question
is no.
Summer 2002
Asset
prices and inflation
(108k)
By Roger Clews
One in a series on the UK monetary policy process. It discusses
some of the interconnections between inflation, monetary policy
and asset prices.
Spring 2002
On
market-based measures of inflation expectations
(124k)
By Cedric Scholtes
Prices of index-linked financial securities provide market-based
measures of inflation expectations and attitudes to inflation
risk.
Winter 2001
Why
house prices matter
(112k)
By Kosuke Aoki, James Proudman and Gertjan Vlieghe
Analyses the role of house prices in the transmission mechanism
of monetary policy and the implications of structural change
in UK retail credit markets for the relationship between house
prices and consumption.
Winter 2001
Financial
effects on corporate investment in UK business cycles
(158k)
By Simon Hall
This article uses a 'credit channel' model to consider the potential
for interactions between corporate financial positions and investment
spending. The results suggest that financial effects might have
been relatively more important in the early 1990s' recession
than in the 1980s.
February 2000
Recent
developments in extracting information from options markets
(83k)
By Roger Clews, Nikolaos Panigirtzoglou and James Proudman
The MPC is provided with information from options markets to
quantify market uncertainty about the future course of financial
asset prices. For short-term interest rates, this is shown in
the Inflation Report's blue fan chart. Similar information
can be obtained from a wide range of other assets. This article
compares the performance of alternative techniques for extracting
information from options prices.
May 1999
Monetary
policy and the yield curve
(33k)
By Andrew Haldane and Vicky Read
This article examines and interprets movements in the yield
curve at the time of changes in monetary policy. These responses
provide a measure of the degree of transparency and credibility
of a monetary regime.
August 1994
Estimating
market interest rate and inflation expectations from the prices
of UK government bonds
(55k)
By Mark Deacon and Andrew Derry
Examines ways in which inferences about these expectations can
be drawn from the market prices of government bonds.
