On the Equality of Real Interest Rates Across Borders in Integrated Capital Markets |
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| Authors: | Patrick Minford David Peel |
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| Institution: | (1) Cardiff Business School, Colum Road, Cardiff, CF10 3EU, UK;(2) Lancaster University Management School, Lancaster, LA1 4YX, UK |
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| Abstract: | The purpose in this note is first to review briefly the empirical results on the relationship between real interest rates
and real exchange rates; this empirical literature provides little support for the hypothesis of Roll that expected real interest
rates are equal in general. Our second aim is to discuss the theoretical conditions that have to be met for his hypothesis
to hold.
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| Keywords: | Real interest rates Real exchange rates Roll |
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