most indebted agents will be a necessary condition for achieving balanced growth. This paper analyses the deleveraging of … deleveraging is taking. Arguably, too, differences in observed patterns of adjustment are related to distinct economic policies and … restructuring and defaults; in the United Kingdom inflation has dominated, eroding the value of debt; and in Ireland and Spain the …

example: inflation targeting was introduced in 1999 and a new fiscal policy framework was set up in 2000 with the Fiscal …

to produce a slow and protracted deleveraging of the private sector and a persistent recession following a negative … collateral values, product market reforms bring forward the end of deleveraging and the exit from recession. …

This paper analyses the behaviour of real interest rates in the Spanish economy over the last 15 years. Since inflation … that inflation uncertainty could account for a notable part of the observed decrease in nominal rates. Consequently, the …

In this paper we decompose nominal interest rates into real risk-free rates, inflation expectations and risk premia … using an affine model that takes as factors the observed inflation rate and the parameters generated in the zero yield curve … countries currently involved in convergence towards EMU. The evidence indicates that inflation expectations and risk premia …