tailieunhanh - Fiscal Policy, Housing and stock Prices

Consider a security that has a coupon rate that floats off of the London Interbank Offered Rate (LIBOR). Such a security might pay a coupon rate of Libor plus 50 basis points. However, if there is a cap that limits the coupon to 7 percent, then when LIBOR reaches percent, any further increases in LIBOR will not result in any increases in the coupon rate on the security. Floating-rate investments with interest rate caps include CMO floaters and adjustable-rate mortgage (ARM) securities. The longer cash flows remain outstanding on such securities, the greater. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 990 I JANUARY 2009 FISCAL POLICY HOUSING AND STOCK PRICES by António Afonso and Ricardo M. Sousa EUROPEAN CENTRAL BANK EUROSYSTEM In 2009 all ECB publications feature a motif taken from the 200 banknote. WORKING PAPER SERIES NO 990 I JANUARY 2009 FISCAL POLICY HOUSING AND STOCK PRICES 1 by António Afonso 2 and Ricardo M. Sousa 3 This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1311408. Ì We are grateful to Jurgen von Hagen and to an anonymous referee for helpful comments and suggestions and to Silvia Albrizio and Matthijs Lof for research assistance. Ricardo Sousa would like to thank the Fiscal Policies Division of the ECB for its hospitality. The opinions expressed herein are those of the authors and do not necessarily reflect those of the European Central Bank or the Eurosystem. 2 European Central Bank Directorate General Economics Fiscal Policies Division Kaiserstrasse 29 D- 60311 Frankfurt am Main Germany ISEG TULisbon - Technical University of Lisbon Department of Economics UECE - Research Unit on Complexity and Economics R. Miguel Lupi 20 1249-078 Lisbon Portugal. UECE is supported by FCT Pundaẹăo para a Ciência e a Technologia Portugal financed by ERDF and Portuguese funds e-mails aafonso@. 3 University of Minho Department of Economics and Economic Policies Research Unit NIPE Campus of Gualtar 4710-057 - Braga Portugal London School of Economics Department of Economics and Financial Markets Group Houghton Street London WC2 2AE United Kingdom e-mail rjsousa@ . European Central Bank 2009 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 All rights reserved Any reproduction .

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• Characterisation
• Plant Responses
• Abiotic Stresses
• Importance of Genetic
• Manage Abiotic Stress
• Genetic Diversity
• Maize composites
• Morphological characterisation
• Corn (Zea mays L ) cultivars
• DUS characterisation of corn
• Fifteen descriptive characters
• Phenotypic characterisation
• Candida species
• Tertiary care teaching hospital hyderabad
• Phenotypic characterisation of Candida species
• Clinical isolates
• Hybrid nanocomposites
• The mechanical and microstructural characterisation
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• Stir and squeeze casting
• Microstructural characterisation
• García Esteban
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• Guindeo Casasús1
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• Characterisation of the xylem
• Characterisation of peeled veneer
• Plantation species in Vietnam
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• E
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• Petrophysical characterisation
• Pore system for a carbonate reservoir
• The HR structure
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• Ham Rong structure
• MB glass
• Melt quenching
• Radiation detection
• Radiation dosimeters
• Synthesis and characterisation
• Dysprosium doped borate glasses
• Functional characterisation
• Soybean galactinol synthase gene
• Various stress conditions
• Arabidopsis thaliana
• Phenotypic analysis
• Enterobacter aerogenes
• Bacillus thuringiensis
• Waste water in Egypt
• Molecular characterisation
• Malathion degrading bacterial strains
• Preparation of thematic maps
• Farming situation characterisation
• Distributary command area
• RS and GIS techniques
• GIS techniques
• Comparison of rate of isolation
• Characterisation of mycobacteria
• AFB Smear
• LJ Medium and MGIT
• Clinical suspicion
• Antibacterial properties
• Physicochemical property
• Disc diffusion technique
• Antibacterial characterisation
• Apis honey on gram positive human pathogens
• Tick resistance
• S100A8 expression
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• BMC Plant Biology
• Arabidopsis SPL7
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• DNA in vitro
• In vitro
• Physiological studies
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• Physiological characterisation
• Alternaria brassicicola
• SSR markers
• Molecular characterisation of DNA
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• Partial characterisation
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• Characterized lytic phage
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• BMC Genomics
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• D&D processes
• Dose rate measurements
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• Chromatography A
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• Dynamic mechanical analysis
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