The expectations hypothesis of the term structure in the Euro area
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comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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INVESTIGACIONMetadata
Title
The expectations hypothesis of the term structure in the Euro areaDate
2008Publisher
Economics bulletinISSN
15452921Type
info:eu-repo/semantics/articleAbstract
This paper tries to ascertain whether the expectations hypothesis of the term structure of
interest rates was fulfilled for the EMU countries in the period previous to its launching. To
this end, we employ individual ... [+]
This paper tries to ascertain whether the expectations hypothesis of the term structure of
interest rates was fulfilled for the EMU countries in the period previous to its launching. To
this end, we employ individual country data for the Euro area. Using pooled and panel
cointegration techniques we conclude that there is an equilibrium relationship linking the
long and the short-run interest rates for both the individual countries and the panel as a
whole. Due to the homogeneity found in the short-long term interest rates relationship across
countries, the fears raised about the use of area-wide aggregates by the ECB if not discarded
need to be, at least, qualified [-]
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info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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