The thesis deals with the formation of expectations of economic policy in the term structure of interest rates. The first chapter studies the determination of the term structure of interest rates in a macroeconomic framework.The second chapter studies the Central banks' communication effects on...

Equilibrium exchange rate theories (FEER, BEER and NATREX) make the assumption that the Real Equilibrium Exchange Rate (RER) is independent from internal equilibrium and economic policies. We develop a model in which economic policies depend on the minimisation of an intertemporal loss function...