The Term Structure of Interest Rates

D. Gareth Thomas () and David S. Bywaters
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D. Gareth Thomas: University of Hertfordshire Business School

Chapter Chapter 6 in The Creators of Inside Money, 2021, pp 87-100 from Springer

Abstract: Abstract Commercial banks do have some control over the endogenous money supply, so they partly determine the market rates of interest on saving on various terms or time periods to maturity through a mark-up on the ‘bank’ (or base) rate set by the Central Bank, such as the Federal funds rate in United States of America. The links between the rates, including those on government bonds, implies that they could well be formed by the term structure either through the expectations theory or some configuration of it. This part of the study has been radically transformed to include thoughts on the application of term structure to forecasting of the real economy, taken up empirically in the next chapter.

Date: 2021
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DOI: 10.1007/978-3-030-70366-0_6

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