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RBA Glossary definition for yield

yield – The expected rate of return expressed as a percentage of the net outlay or net proceeds of an investment, not of its face value.

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Appendix A: Yields and Stochastic Discount Factors

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
This defines the relationship between real yields and the continuous time real SDF. ... such that the pricing equation for inflation yields holds. That is, such that.
https://www.rba.gov.au/publications/rdp/2011/2011-01/appendix-a.html

Model

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
Unless otherwise stated, yields in this paper are gross, zero-coupon and continuously compounded. ... The inflation yield is the difference between the yields of nominal and inflation-indexed zero-coupon bonds of the same maturity.
https://www.rba.gov.au/publications/rdp/2011/2011-01/model.html

Estimating Inflation Expectations with a Limited Number of Inflation-indexed Bonds

1 Mar 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
Research Discussion Paper – RDP 2011-01 Estimating Inflation Expectations with a Limited Number of Inflation-indexed Bonds. Richard Finlay and Sebastian Wende. March 2011. 480. KB. The authors thank Rudolph van der Merwe for help with the central
https://www.rba.gov.au/publications/rdp/2011/2011-01/

Results

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
The inflation yield curve is given as the difference between nominal and real yields. ... Hence if real yields contain a liquidity premium, they will be higher, shifting the inflation yield curve down and reducing the estimated inflation risk premia to
https://www.rba.gov.au/publications/rdp/2011/2011-01/results.html

Data and Model Implementation

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
Government inflation-indexed bond yields; inflation forecasts from Consensus Economics; and historical inflation. ... We extrapolate nominal yields beyond this by assuming that the nominal and real yield curves have the same slope.
https://www.rba.gov.au/publications/rdp/2011/2011-01/data-and-mod-imp.html

Introduction

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
The difference between the yields on nominal and inflation-indexed bonds, referred to as the inflation yield or break-even inflation, is often used as a measure of inflation expectations. ... The inflation yield may not give an accurate reading of
https://www.rba.gov.au/publications/rdp/2011/2011-01/introduction.html

References

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
Finlay R and M Chambers (2009), ‘A Term Structure Decomposition of the Australian Yield Curve’,. ... Kim DH and JH Wright (2005), ‘An Arbitrage-Free Three-Factor Term Structure Model and the Recent Behavior of Long-Term Yields and Distant-Horizon
https://www.rba.gov.au/publications/rdp/2011/2011-01/references.html

Discussion and Conclusion

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
In practice zero-coupon yields are not directly available but must be estimated, so by fitting the affine term structure model directly to prices we avoid inserting a second arbitrary yield ... When many bond prices are available this is only a small
https://www.rba.gov.au/publications/rdp/2011/2011-01/discussion-and-conclusion.html

Appendix B: The Mathematics of Our Model

31 Dec 2011 RDP 2011-01
Richard Finlay and Sebastian Wende
In terms of the inflation yield from Equation (A5) this can be written as.
https://www.rba.gov.au/publications/rdp/2011/2011-01/appendix-b.html