Title page for ETD etd-08312002-195807


Type of Document Master's Thesis
Author Stubblebine, Michael A.
Author's Email Address michael.stubblebine@gmail.com
URN etd-08312002-195807
Title An Empirical Test of the Real Interest Rate in Germany, 1970-2000
Degree Master of Arts
Department Economics
Advisory Committee
Advisor Name Title
Waud, Roger N. Committee Chair
Lutton, Thomas J. Committee Member
Theroux, Richard Committee Member
Keywords
  • central bank
  • monetary policy
Date of Defense 2002-07-17
Availability unrestricted
Abstract
This thesis is a empirical test of the constancy of the real rate of interest in Germany over the period of 1970 to 2000. The methodology, based on Mishkin (1981), employs Ordinary Least Squares regressions to search for correlation in movements of real rates with lagged inflation, time trends, and ten other variables that commonly appear in the literature. Overall results reject the hypothesis of the constancy of the real rate. The Fisher Effect (Fisher, 1930), that movements in nominal interest rates reflect changes in expected inflation, is found to be only moderate for Germany. The monetary policy implication is that nominal interest rates contain little information about real interest rates and therefore on the tightness of monetary policy. Overall lack of significance in the test results may (as Mishkin found) be because there is so little variation in real rate movements.
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 28.8 Modem   56K Modem   ISDN (64 Kb)   ISDN (128 Kb)   Higher-speed Access 
  01EcoThesFinal31Aug02MainBodyPart1.pdf 126.95 Kb 00:00:35 00:00:18 00:00:15 00:00:07 < 00:00:01
  02EcoThes31Aug02Table1.pdf 42.61 Kb 00:00:11 00:00:06 00:00:05 00:00:02 < 00:00:01
  03EcoThes31Aug02Table2.pdf 46.33 Kb 00:00:12 00:00:06 00:00:05 00:00:02 < 00:00:01
  04EcoThes31Aug02Table3.pdf 40.32 Kb 00:00:11 00:00:05 00:00:05 00:00:02 < 00:00:01
  05EcoThes31Aug02Table3a.pdf 40.37 Kb 00:00:11 00:00:05 00:00:05 00:00:02 < 00:00:01
  06EcoThes31Aug02Table4.pdf 46.24 Kb 00:00:12 00:00:06 00:00:05 00:00:02 < 00:00:01
  07EcoThes31Aug02Table5.pdf 40.79 Kb 00:00:11 00:00:05 00:00:05 00:00:02 < 00:00:01
  08EcoThes31Aug02Table5a.pdf 40.38 Kb 00:00:11 00:00:05 00:00:05 00:00:02 < 00:00:01
  09EcoThesFinal31Aug02Figs1-6Part2.pdf 105.05 Kb 00:00:29 00:00:15 00:00:13 00:00:06 < 00:00:01
  10EcoThesFinal31Aug02AppenBiblioVitaPart3.pdf 90.58 Kb 00:00:25 00:00:12 00:00:11 00:00:05 < 00:00:01

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