期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2007
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：We test for real interest parity (RIP) in the EU25 area. Our contribution is two-fold:
First, we account for the previously overlooked effects of structural breaks on real
interest rate differentials. Second, we test for RIP against the EMU average. For the
majority of our sample countries we obtain evidence of real interest rate convergence
towards the latter. Convergence, however, is a gradual process subject to structural
breaks, typically falling close to the launch of the euro. Our findings have important
implications relating to the single monetary policy and the progress new EU members
have achieved towards joining the euro.
