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Testing for real interest rate convergence in European countries

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dc.contributor.author Fountas, Stilianos en
dc.date.accessioned 2010-11-10T11:34:42Z en
dc.date.available 2010-11-10T11:34:42Z en
dc.date.issued 1998-01 en
dc.identifier.citation Fountas, S. (1998). "Testing for real interest rate convergence in European countries" (Working Paper No. 024) Department of Economics, National University of Ireland, Galway. en
dc.identifier.uri http://hdl.handle.net/10379/1376 en
dc.description.abstract 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. en
dc.format application/pdf en
dc.language.iso en en
dc.publisher National University of Ireland, Galway en
dc.relation.ispartofseries Economics working papers;024 en
dc.subject Economics en
dc.subject Real interest parity en
dc.subject Cointegration with regime shifts en
dc.title Testing for real interest rate convergence in European countries en
dc.type Working Paper en
dc.description.peer-reviewed peer-reviewed en

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