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| Format: | Artículo científico |
| Sprache: | es |
| Veröffentlicht: |
Universidad de Zaragoza
2011
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| Online-Zugang: | https://www.redalyc.org/articulo.oa?id=96918878006 |
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- HAVE REAL INTEREST RATES REALLY FALLEN THAT MUCH IN SPAIN? ROBERTO BLANCO FERNANDO RESTOY Economía y Finanzas Real interest rates intertemporal marginal rate of substitution This paper analyses the behaviour of real interest rates in the Spanish economy between 1990 and 2005. Since inflation-indexed bonds are not available, changes in implicit real interest rates are estimated using several approaches suggested by macroeconomic and financial theory. In particular, we employ equilibrium conditions of a representative agent under several specifications of preferences. Moreover, we exploit no-arbitrage conditions in securities markets. The evidence we report indicates that inflation uncertainty could account for a notable part of the observed decrease in nominal rates. Consequently, the actual real cost of financing might have decreased significantly less than what the course of ex-post real rates would suggest. 2011 artículo científico 1133-455X https://www.redalyc.org/articulo.oa?id=96918878006 es http://www.redalyc.org/revista.oa?id=969 Revista de Economía Aplicada application/pdf Universidad de Zaragoza Revista de Economía Aplicada (España) Num.55 Vol.XIX