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Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?

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  • Mr. M. F. Bleaney

Abstract

It has recently been suggested that allowing for switches between different inflationary regimes produces a much better fit for the Fisher relationship between interest rates and inflation, at least for U.S. data. The paper assesses the merits of the regime-switching theory as an explanation for the apparent fluctuations in real interest rates in Australia, Canada, Germany, the United Kingdom, and the United States.

Suggested Citation

  • Mr. M. F. Bleaney, 1997. "Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?," IMF Working Papers 1997/131, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/131
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    Cited by:

    1. Palle S. Andersen, 1999. "A note on alternative measures of real bond rates," BIS Working Papers 80, Bank for International Settlements.
    2. Vincent Dropsy & Nathalie Grand, 2004. "Exchange Rate and Inflation Targeting in Morocco and Tunisia," Working Papers 0421, Economic Research Forum, revised 10 2004.
    3. Grand Nathalie & Dropsy Vincent, 2005. "Exchange Rate And Inflation Targeting In Morocco And Tunisia," Macroeconomics 0507018, University Library of Munich, Germany.

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