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efficient markets-rational expectations theory to analyze empirically the relationship of money supply growth and short- term …
Persistent link: https://www.econbiz.de/10013226572
This paper is an application of efficient markets theory to analyze empirically the relationship of money supply growth …
Persistent link: https://www.econbiz.de/10012786238
A striking phenomenon of the early 1980s is the climb in real interest rates to levels unprecedented in the post-World War II period. In order to understand this phenomenon, this paper investigates the nature and timing of shifts in the real rate process to determine if the recent unusual...
Persistent link: https://www.econbiz.de/10013249184
-based channels, have remained outside the core models. In conjunction with this evolution in theory and modeling, there have been … activity and inflation and present new evidence, using both a relatively unrestricted factor-augmented vector autoregression … activity and inflation in recent decades as compared to the effects before 1980. Our analysis suggests that these shifts are …
Persistent link: https://www.econbiz.de/10013145017
fluctuations in expected inflation, is why a strong Fisher effect occurs only for certain periods but not for others. This paper … resolves this puzzle by reexamining the relationship between inflation and interest rates with modern time-series techniques …. Recognition that the level of inflation and interest rates may contain stochastic trends suggests that the apparent ability of …
Persistent link: https://www.econbiz.de/10013224871
Switzerland. Even with wide differences in inflation processes across these countries, there is we find strong evidence that the … term structure does have significant forecasting ability for future changes in inflation, particularly so at long …
Persistent link: https://www.econbiz.de/10013234377
inflation? Are cyclical movements in real variables correlated with real rate movements? How reliable is the Fishei (1930 …) effect where nominal interest rates reflect changes in expected inflation? What kind of variation in real interest rates have … in section II the methodology and theory used in the empirical analysis. The empirical results then follow in section III …
Persistent link: https://www.econbiz.de/10013240338
of inflation was certainly a worthy goal for the Fed, farmers have had to pay a heavy price. They have had to suffer for …
Persistent link: https://www.econbiz.de/10013228993