Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators
AbstractIn the new situation with flexible exchange rates, monetary policy in Europe will have to rely more on indicators than previously under fixed rates. One of the potential indicators, the forward interest rate curve, can be used to indicate market expectations of the time-paths of future short interest rates, monetary policy, inflation rates and currency depreciation rates. The forward rate curve separates market expectations for the short, medium and long term more easily than the standard yield curve. Monetary policy in France, Germany, Great Britain, Sweden and the United States is interpreted with the help of forward rates.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4633.
Date of creation: Mar 1995
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Other versions of this item:
- Svensson, Lars E O, 1994. "Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators," CEPR Discussion Papers 941, C.E.P.R. Discussion Papers.
- Svensson, L.E.O., 1993. "Monetary Policy with Flexible Exchange Rates and Foreward Interest Rates as Indicators," Papers 559, Stockholm - International Economic Studies.
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- F31 - International Economics - - International Finance - - - Foreign Exchange
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- Svensson, Lars E O, 1994.
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- Lars E.O. Svensson, 1994. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned," NBER Working Papers 4504, National Bureau of Economic Research, Inc.
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