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The Real Thing: A Dynamic Profile of the Term Structure of Real Interest Rates and Inflation Expectations in the United Kingdom, 1982-89

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  • Woodward, G Thomas

Abstract

This article estimates real interest rates and inflation expectations from market-observable data without assuming anything about the form of agents' expectation-formation mechanism. By examining prices of index-linked and conventional gilt-edged securities form the U.K. bond market, real interest rates and inflation expectations are computed quarterly beginning 1982:2 for up to fourteen maturities ranging from 1988 to 2024. Copyright 1990 by the University of Chicago.

Suggested Citation

  • Woodward, G Thomas, 1990. "The Real Thing: A Dynamic Profile of the Term Structure of Real Interest Rates and Inflation Expectations in the United Kingdom, 1982-89," The Journal of Business, University of Chicago Press, vol. 63(3), pages 373-398, July.
  • Handle: RePEc:ucp:jnlbus:v:63:y:1990:i:3:p:373-98
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    Cited by:

    1. Robertson, Donald & Symons, James, 1997. "Real Interest Rates and Index-Linked Gilts," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(1), pages 25-43, January.
    2. Thomas Mayer, 1998. "Indexed Bonds And Heterogeneous Agents," Contemporary Economic Policy, Western Economic Association International, vol. 16(1), pages 77-84, January.
    3. repec:bbz:fcpbbr:v:8:y:2011:i:3:p:83-100 is not listed on IDEAS
    4. Aziz, Andrew R. & Prisman, Eliezer Z., 2000. "After-tax term structures of real interest rates: Inferences from the UK linked and non-linked gilt markets," Journal of Banking & Finance, Elsevier, vol. 24(9), pages 1433-1455, September.
    5. Robert L. Hetzel, 1992. "Indexed bonds as an aid to monetary policy," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 13-23.
    6. Robertson, D. & Symons, J., 1993. "Five weeks in the life of the pound: interest rates," LSE Research Online Documents on Economics 20983, London School of Economics and Political Science, LSE Library.

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