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

Author

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  • 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

  • M. F. Bleaney, 1997. "Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?," IMF Working Papers 97/131, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:97/131
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    Cited by:

    1. Grand Nathalie & Dropsy Vincent, 2005. "Exchange Rate And Inflation Targeting In Morocco And Tunisia," Macroeconomics 0507018, EconWPA.

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