A common shift in real interest rates across countries
This paper documents common shifts in the behaviour of real interest rates across different countries following the announcement of monetary policy regime changes of US Federal Reserve procedures in October 1979. This evidence suggests that the observed, big fluctuations in real interest rates in the seventies and eighties across countries may be linked to the changes of the US monetary policy. It also emphasizes the international effects of US monetary policy on ex ante real interest rates across countries.
Volume (Year): 9 (1999)
Issue (Month): 4 ()
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