Is there a world real interest rate?
This study uses panel data techniques to estimate a common component to the ex post real interest rates of nine countries with liberal capital markets over the past 15 years. We show that the residuals from such a regression have almost no serial correlation, and that each country's real interest rate is highly correlated with the estimated world real interest rate. The primary exception to these findings is the behavior of the U.S. real interest rate, which exhibits large and persistent deviations from the estimated world real interest rate.
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- Barro, R.J. & Martin, X.S., 1990.
"World Real Interest Rates,"
RCER Working Papers
227, University of Rochester - Center for Economic Research (RCER).
- Frederic S. Mishkin, 1991.
"Is the Fisher Effect for Real? A Reexamination of the Relationship Between Inflation and Interest Rates,"
NBER Working Papers
3632, National Bureau of Economic Research, Inc.
- Mishkin, Frederic S., 1992. "Is the Fisher effect for real? : A reexamination of the relationship between inflation and interest rates," Journal of Monetary Economics, Elsevier, vol. 30(2), pages 195-215, November.
- Mark, Nelson C., 1985. "Some evidence on the international inequality of real interest rates," Journal of International Money and Finance, Elsevier, vol. 4(2), pages 189-208, June.
- Dutton, Marilyn Miller, 1993. "Real interest rate parity new measures and tests," Journal of International Money and Finance, Elsevier, vol. 12(1), pages 62-77, February.
- Frederic S. Mishkin, 1984.
"The Real Interest Rate: A Multi-Country Empirical Study,"
Canadian Journal of Economics,
Canadian Economics Association, vol. 17(2), pages 283-311, May.
- Frederic S. Mishkin, 1982. "The Real Interest Rate: A Multi-Country Empirical Study," NBER Working Papers 1047, National Bureau of Economic Research, Inc.
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