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Asset-Liability Management with Ultra-Low Interest Rates

Elia Berdin, Richard S. Grossman, Helmut Gründl, Wolfgang Herold, Frederic Lambert, Bruce McLean Forrest, Philip Molyneux (), Claude Moser, John Nugée, Colt Spenser Lake, Silke Waterstraat, Dylan Wilson and Martin Wirth

No 2015/2 in SUERF Studies from SUERF - The European Money and Finance Forum, currently edited by Natacha Valla

Abstract: The present SUERF Study includes a selection of papers based on the authors’ contributions to the Vienna conference, jointly organized by SUERF, the OeNB and the Austrian Society for Bank Research. In reply to the financial crisis, the Great Recession and sovereign debt crisis, many central banks have pursued ultra-easy and far reaching unconventional monetary policies for several years. Yields on various bond classes – including euro area sovereign bond yields since the sovereign debt crisis has subsided – have reached extremely low levels. Prices on stocks and real assets have soared. In several countries, markets have been expecting a reversal of the interest rate cycle for some time now. As a result, the risk of – possibly substantial – price corrections in all these asset classes may be seen to have increased.

JEL-codes: E43 E44 E52 E58 G11 G12 G18 G21 G22 G23 G28 (search for similar items in EconPapers)
Date: 2015
ISBN: 978-3-902 109-77-4
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