• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Vladislav Gordeev
Monetary Policy, the Term Structure of Interest Rates and Imperfect Asset Substitutability
Master’s programme
2014
The paper explores the following research question: how the preferences of households for maturity structure of their financial portfolios affect the efficiency of monetarny shocks. Assets in the portfolio are assumed to be imperfect substitutes. Several types of monetary shocks are considered: a shock of short-term interest rates and purchases of long-term bonds with different financing options. The paper shows that portfolio preferences of households do affect the strength of the impact of shocks on the economy. The paper indicates direction of this effect and explains in detail the mechanisms that cause this phenomenon. In addition, changes in the impact of shocks on the economy subject different preferences for portfolio maturity structure are decomposed into parts to to figure out the main driver. The dynamics of this driveк is then analyzed.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses