{"id":{"repo_id":"vt","oai_identifier":"oai:vtechworks.lib.vt.edu:10919/34866"},"canonical_url":"https://search.dev.ndltd.org/etd/vt/oai:vtechworks.lib.vt.edu:10919/34866","repository":{"repo_id":"vt","name":"Virginia Tech","base_url":"https://vtechworks.lib.vt.edu/oai/request"},"display":{"title":"An Empirical Test of the Real Interest Rate in Germany, 1970-2000","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.","abstract_html":"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.","abstract_has_math":false,"creators":["Stubblebine, Michael A."],"institution":"Virginia Tech","degree_name":"Master of Arts","degree_level":"masters","degree_discipline":"Economics","degree_department":"Economics","school":null,"contributors":[],"advisors":[],"committee_chairs":["Waud, Roger N."],"committee_members":["Theroux, Richard","Lutton, Thomas J."],"year":2002,"date_issued":"2002-07-17","date_published":"2002-07-17","updated_at":"2026-07-22T22:19:00Z","subjects":["central bank","monetary policy"],"languages":[],"rights":["In Copyright"],"rights_urls":["http://rightsstatements.org/vocab/InC/1.0/"],"identifier_entries":[{"key":"dc:identifier.other","label":"Dc Identifier Other","values":["etd-08312002-195807"],"render_values":[{"text":"etd-08312002-195807","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/10919/34866","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.committeechair","label":"Committee Chair","values":["Waud, Roger N."]},{"key":"dc:contributor.committeemember","label":"Committee Member","values":["Theroux, Richard","Lutton, Thomas J."]},{"key":"dc:contributor.department","label":"Department","values":["Economics"]},{"key":"dc:creator","label":"Author","values":["Stubblebine, Michael A."]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2014-03-14T20:44:33Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2014-03-14T20:44:33Z","2003-09-10"]},{"key":"dc:date.issued","label":"Date","values":["2002-07-17"]},{"key":"dc:publisher","label":"Institution","values":["Virginia Tech"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["masters"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Master of Arts"]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["Virginia Polytechnic Institute and State University"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["central bank","monetary policy"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:rights","label":"Dc Rights","values":["In Copyright"]},{"key":"dc:rights.uri","label":"Rights URI","values":["http://rightsstatements.org/vocab/InC/1.0/"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.other","label":"Dc Identifier Other","values":["etd-08312002-195807"]},{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/10919/34866"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["This thesis is a empirical test of the constancy of the real rate of interest in Germany over the period of 1970 to 2000. 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Overall lack of significance in the test results may (as Mishkin found) be because there is so little variation in real rate movements."]},{"key":"dc:description.degree","label":"Dc Description Degree","values":["Master of Arts"]},{"key":"dc:title","label":"Title","values":["An Empirical Test of the Real Interest Rate in Germany, 1970-2000"]}]}],"canonical_facts":{"dc:contributor.committeechair":["Waud, Roger N."],"dc:contributor.committeemember":["Theroux, Richard","Lutton, Thomas J."],"dc:contributor.department":["Economics"],"dc:creator":["Stubblebine, Michael A."],"dc:date.accessioned":["2014-03-14T20:44:33Z"],"dc:date.available":["2014-03-14T20:44:33Z","2003-09-10"],"dc:date.issued":["2002-07-17"],"dc:description.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. 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