tailieunhanh - Measuring the long-term perception of monetary policy and the term structure

Preliminary analysis of the data reveals some noteworthy similarities and differences between Chile and the other countries considered. Over this sample period, Chilean interest rates are on average higher, more volatile, and less persistent than the interest rates for the other countries. However, in Chile, the degree of co-movement between retail bank interest rates and the money market rate is essentially the same as in other countries. These “stylized facts” are highlighted in Tables 2 through 5, which report summary statistics for the interest series of all countries considered. Chilean data display the highest sample mean, even in UF terms, while the Netherlands show the lowest average level. | BANK OF FINLAND DISCUSSION PAPERS 12 2004 Nicolas Rautureau Research Department Measuring the long-term perception of monetary policy and the term structure Suomen Pankin keskustelualoitteita Finlands Banks diskussionsunderlag Suomen Pankki Bank of Finland 160 FIN-00101 HELSINKI Finland 8 358 9 1831 http BANK OF FINLAND DISCUSSION PAPERS 12 2004 Nicolas Rautureau Research Department Measuring the long-term perception of monetary policy and the term structure The views expressed are those of the author and do not necessarily reflect the views of the Bank of Finland. I would like to thank Juha Tarkka Jouko Vilmunen Juha Kilponen and seminar participants at the Bank of Finland for their helpful comments. I am also grateful to Heli Tikkunen and Patrice Ollivaud OECD for the data. Suomen Pankin keskustelualoitteita Finlands Banks .