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- El Efecto Fisher Y La Paridad De Interés Real. Evidencia Para La Economía Española

Author

Listed:
  • Paz Rico Belda

    (Universitat de València)

Abstract

This paper provides an empirical test of the Fisher effect and of the real interest parity. The objetive is to determinate the behavior of the ex-ante real interest that condicionate the intertemporal savings and investment decisions. The method used is the time series properties of the data, which allows to separate estimation of the long-run equilibrium relationship from the nuisance parameters that characterize the short-run dynamics. The results find support inthe long run for a tax-adjusted Fisher hypothesis but not for the real interest parity. En este trabajo se contrasta empíricamente el cumplimiento de la hipótesis de Fisher y de la paridad de interés real para el caso español. El objetivo es determinar el comportamiento del tipo de interés real ex-ante que condiciona las decisiones intertemporales de ahorro e inversión. Para ello se utiliza la metodología de series temporales, en particular el procedimiento de Johansen, que permite diferenciar entre los efectos a largo plazo y la dinámica del corto plazo. Los resultados obtenidos muestran evidencia favorable a la verificación en el largo plazo de la hipótesis de Fisher ajustada por impuestos pero no así de la paridad de interés real.

Suggested Citation

  • Paz Rico Belda, 1999. "- El Efecto Fisher Y La Paridad De Interés Real. Evidencia Para La Economía Española," Working Papers. Serie EC 1999-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasec:1999-13
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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-1999-13.pdf
    File Function: Fisrt version / Primera version, 1999
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