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The Real Thing: A Dynamic Profile of The Term Structure of Real Interest Rates and Inflation Expectations in The United Kingdom, 1982-89

✍ Scribed by G. Thomas Woodward


Book ID
124690472
Publisher
University of Chicago Press
Year
1990
Tongue
English
Weight
416 KB
Volume
63
Category
Article
ISSN
0021-9398

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This study examines the long-term persistence in ex ante real interest rates. According to the long-run Fisher effect, ex ante real ratesÐthe difference between nominal rates and expected in¯ationÐshould be mean-reverting and have no unit root. Empirical evidence on mean reversion has been mixed and