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Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?

Author

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  • Mr. M. F. Bleaney

Abstract

It has recently been suggested that allowing for switches between different inflationary regimes produces a much better fit for the Fisher relationship between interest rates and inflation, at least for U.S. data. The paper assesses the merits of the regime-switching theory as an explanation for the apparent fluctuations in real interest rates in Australia, Canada, Germany, the United Kingdom, and the United States.

Suggested Citation

  • Mr. M. F. Bleaney, 1997. "Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?," IMF Working Papers 1997/131, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/131
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=2355
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    Cited by:

    1. Vincent Dropsy & Nathalie Grand, 2004. "Exchange Rate and Inflation Targeting in Morocco and Tunisia," Working Papers 0421, Economic Research Forum, revised 10 2004.
    2. Grand Nathalie & Dropsy Vincent, 2005. "Exchange Rate And Inflation Targeting In Morocco And Tunisia," Macroeconomics 0507018, University Library of Munich, Germany.
    3. Palle S. Andersen, 1999. "A note on alternative measures of real bond rates," BIS Working Papers 80, Bank for International Settlements.

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