Nominal Interest Rates as Indicators of Inflation Expectations
The properties of nominal interest rates as indicators of inflation expectations are evaluated. Are they unbiased? How precise are they? To arrive at robust results, a range of different methods are applied on several U.S. and U.K. data sets. The results show that the interest rate level is a reasonably good indicator of the level of inflation expectations. However, changes in interest rates are poor indicators of changes in inflation expectations. Copyright 1998 by The editors of the Scandinavian Journal of Economics.
Volume (Year): 100 (1998)
Issue (Month): 2 (June)
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