A Long View of Real Rates
AbstractIn light of the large and sustained rise in real interest rates in the late 1970s and early 1980s, this paper reviews: (i) the theoretical discussion on the determination of nominal and real interest rates; (ii) the factors determining real interest rates; and (iii) problems of defining and measuring the real rate. We go on to examine the historical record of real interest rates in France, Germany, the UK, and the USA since 1875. We find that high real rates since 1980 seem to be a return to a long-run norm, and it is the period from the Second World War to 1979 that represents a more natural period in which to investigate an abrupt change of behaviour for real interest rates. Copyright 1999 by Oxford University Press.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 15 (1999)
Issue (Month): 2 (Summer)
Contact details of provider:
Web page: http://oxrep.oupjournals.org/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Brückner, Markus & Gerling, Kerstin & Grüner, Hans Peter, 2007.
"Wealth Inequality and Credit Markets: Evidence from Three Industrialized Countries,"
CEPR Discussion Papers
6485, C.E.P.R. Discussion Papers.
- Markus Brückner & Kerstin Gerling & Hans Grüner, 2010. "Wealth inequality and credit markets: evidence from three industrialized countries," Journal of Economic Growth, Springer, vol. 15(2), pages 155-176, June.
- Nicholas Crafts & Terence C. Mills, 2012.
"Rearmament to the Rescue? New Estimates of the Impact of ‘Keynesian’ Policies in 1930s’ Britain,"
0031, European Historical Economics Society (EHES).
- Crafts, Nicholas & Mills, Terence, 2013. "Rearmament to the Rescue? New Estimates of the Impact of ‘Keynesian’ Policies in 1930s’ Britain," The Warwick Economics Research Paper Series (TWERPS) 1018, University of Warwick, Department of Economics.
- Crafts, Nicholas & Mills, Terence C, 2012. "Rearmament to the Rescue? New Estimates of the Impact of ‘Keynesian’ Policies in 1930s’ Britain," CAGE Online Working Paper Series 102, Competitive Advantage in the Global Economy (CAGE).
- Claude Lopez, 2008.
"Euro-zone Inflation Rates: Stationary or Regime-wise Stationary Processes,"
University of Cincinnati, Economics Working Papers Series
2008-02, University of Cincinnati, Department of Economics, revised 2008.
- Claude Lopez, 2009. "Euro-zone Inflation Rates: Stationary or Regime-wise Stationary Processes," Economics Bulletin, AccessEcon, vol. 29(1), pages 238-243.
- G. Everaert, 2012. "A Panel Analysis of the Fisher Effect with an Unobserved I(1) World Real Interest Rate," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/782, Ghent University, Faculty of Economics and Business Administration.
- Cour-Thimann, Philippine & Pilegaard, Rasmus & Stracca, Livio, 2006. "The output gap and the real interest rate gap in the euro area, 1960-2003," Journal of Policy Modeling, Elsevier, vol. 28(7), pages 775-790, October.
- Genevieve Verdier, 2003.
"What Drives Long-term Capital Flows? A Theoretical and Empirical Investigation,"
0310011, EconWPA, revised 14 Jul 2005.
- Verdier, Genevieve, 2008. "What drives long-term capital flows A theoretical and empirical investigation," Journal of International Economics, Elsevier, vol. 74(1), pages 120-142, January.
- Genevieve Verdier, 2005. "The (Much Understated) Quantitative Role of Capital Accumulation and Saving," Macroeconomics 0507015, EconWPA.
- Muhammad Naveed Tahir, 2011. "Inflation Targeting, Exchange Rate and Financial Globalization," Working Papers halshs-00646601, HAL.
- Crafts, Nicholas, 2013. "What Does the 1930s’ Experience Tell Us about the Future of the Eurozone?," CAGE Online Working Paper Series 141, Competitive Advantage in the Global Economy (CAGE).
- Muhammad Naveed Tahir, 2011. "Inflation Targeting, Exchange Rate and Financial Globalization," Working Papers 1130, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
- Philip Arestis & Malcolm Sawyer, 2003.
"The Case for Fiscal Policy,"
Economics Working Paper Archive
wp_382, Levy Economics Institute, The.
- Gavin Cameron & Chris Wallace, 2002.
"Macroeconomic Performance in the Bretton Woods Era, And After,"
Economics Series Working Papers
130, University of Oxford, Department of Economics.
- Gavin Cameron & Chris Wallace, 2002. "Macroeconomic Performance in the Bretton Woods Era and After," Oxford Review of Economic Policy, Oxford University Press, vol. 18(4), pages 479-494.
- Alex Klein & Keisuke Otsu, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," Studies in Economics 1317, Department of Economics, University of Kent.
- Christian Upper & Andreas Worms, 2003. "Real long-term interest rates and monetary policy: a cross-country perspective," BIS Papers chapters, in: Bank for International Settlements (ed.), Monetary policy in a changing environment, volume 19, pages 234-257 Bank for International Settlements.
- Jagjit S. Chadha, 2012. "World Real Interest Rates: A Tale of Two Regimes," Studies in Economics 1205, Department of Economics, University of Kent.
- Gulbin Sahinbeyoglu, 2001. "Monetary Transmission Mechanism : A View From A High Inflationary Environment," Discussion Papers 0101, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.