Monetary Policy with Flexible Exchange Rates and Foreward Interest Rates as Indicators
In 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 Germany, France, Sweden, the United Kingdom and the United States is interpreted with the help of forward rates.
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|Date of creation:||1993|
|Date of revision:|
|Contact details of provider:|| Postal: UNIVERSITY OF STOCKHOLM, INSTITUTE FOR INTERNATIONAL ECONOMIC STUDIES, S- 106 91 STOCKHOLM SWEDEN.|
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- Svensson, Lars E. O., 1994.
"Fixed exchange rates as a means to price stability: What have we learned?,"
European Economic Review,
Elsevier, vol. 38(3-4), pages 447-468, April.
- Svensson, Lars E O, 1994. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?," CEPR Discussion Papers 872, C.E.P.R. Discussion Papers.
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