Pitfalls in the Estimation of the Yield on British Consols, 1850–1914
Bibliographic Data
| ID | 10100537 |
|---|---|
| Authors | Jan Tore Klovland (Norwegian School of Economics, corresponding author) |
| Year | 1994 |
| Volume | 54 |
| Issue | 1 |
| Pages | 164-187 |
| Publication date | 1994-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050700014030 |
| OpenAlex | W1872936201 |
| Language | EN |
| Citations received | 13 |
| References cited | 8 |
Five pitfalls commonly encountered in estimating the yield on British Consols are identified and discussed herein. The most difficult question is whether Consol prices in the later 1890s reflected expectations of a conversion of the Consol stock in 1923. This is equivalent to asking whether security markets in the 1890s regarded the then extremely low interest rates to be a temporary or permanent phenomenon. Predictions from estimated equations for the yield spread between other high-class investments and Consols are used to determine this question. A corrected monthly series of the yield on Consols between 1850 and 1914 is presented
Econometrics · Economics · Estimation · Management · Physics · Yield (engineering · Metallurgical Processes and Thermodynamics
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| Unique citing works | 13 |
|---|---|
| Citations per year | 0,43 |
| Citation span | 1996 - 2024 (29) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 13 |