Perspectives on High Real Interest Rates in Turkey
In: IMF Working Papers, S. 1-31
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In: IMF Working Papers, S. 1-31
SSRN
In: Bank of England Working Papers No. 701
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Working paper
In: Oxford review of economic policy, Band 15, Heft 2, S. 77-94
ISSN: 1460-2121
In: Journal of Monetary Economics, Band 18, Heft 2, S. 121-145
In: Journal of development economics, Band 18, Heft 2-3, S. 197-217
ISSN: 0304-3878
In: Discussion paper 923
In: Economic affairs: journal of the Institute of Economic Affairs, Band 16, Heft 2, S. 49-49
ISSN: 1468-0270
In: IMF Working Paper, S. 1-22
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In: The Canadian Journal of Economics, Band 28, S. S120
ABSTRACT This paper investigates the drivers of long term real interest rates in Brazil. It is shown that long term yield on inflation linked bonds are driven by yields on 10 year interest rates of United States (US) government bonds and 10 year risk premium, as measured by the Credit Default Swap (CDS). Long term interest rates in Brazil were on a downward trend, following US real rates and stable risk premium, until the taper tantrum in the first half of 2013. From then onwards, real interest rates rose due to the increase in US real rates in anticipation of the beginning of monetary policy normalization and, more recently, due to a sharp increase in Brazilian risk premium. Policy interest rates do not significantly affect long term real interest rates.
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In: FRB of New York Staff Report No. 946, Rev. May 2023
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Working paper
In: CEPR Discussion Paper No. DP15436
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Working paper
In: Journal of economic dynamics & control, Band 33, Heft 9, S. 1631-1638
ISSN: 0165-1889
This paper reviews the main theories of interest rate determination and studies the dynamics of the real interest rate in US. Using cointegration techniques we search for equilibrium relationships between the real interest rate, monetary factors and real factors and we study how these relationships change with the policy regimes. We analyze monthly US data since early 20th century and find equilibrium relationships between a measure of the real interest rate, the policy interest rate and industrial production growth only after the end of the Bretton Woods. Moreover, we find that the equilibrium relationships between these variables are not invariant to changes in the monetary policy regime.
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In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 46, Heft 2, S. 158-174
ISSN: 1467-9485
We use cointegration tests that determine endogenously the regime shift to test for bilateral short‐term and long‐term real interest rate convergence in the European Monetary System in the 1979–1993 period. The results of these tests provide strong evidence in favour of bilateral real interest rate convergence between Germany and several countries in our sample, particularly for long‐term real interest rates. This result carries the important policy implication that in several European countries monetary policy has lost some of its effectiveness as a stabilisation policy tool.