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Monetary Policy and the Real Interest Rate: Some U.K. Evidence

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  • MacDonald, Ronald
  • Torrance, Thomas S

Abstract

This paper examines the effects on ten- and twenty-year real U.K. interest rates of anticipated and unanticipated monetary overshoots for the period 1982.11 to 1986.10 (part of the period of the U.K.'s recent experience of monetary targeting), and it demonstrates, inter alia, that, on the day of monetary announcements, unanticipated surprises have a significantly positive effect. The novel features of this analysis are the use of the market-determined real redemption yield on index-linked U.K. government bonds to constitute the real interest rate series and the use of survey data to generate the expectational series. Copyright 1988 by Scottish Economic Society.

Suggested Citation

  • MacDonald, Ronald & Torrance, Thomas S, 1988. "Monetary Policy and the Real Interest Rate: Some U.K. Evidence," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(4), pages 361-371, November.
    • Handle: RePEc:bla:scotjp:v:35:y:1988:i:4:p:361-71
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