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Vol. 90, No. 6
Posted 2008-11-01

Real Interest Rate Persistence: Evidence and Implications

by Christopher J. Neely and David E. Rapach

The real interest rate plays a central role in many important financial and macroeconomic models, including the consumption-based asset pricing model, neoclassical growth model, and models of the monetary transmission mechanism. The authors selectively survey the empirical literature that examines the time-series properties of real interest rates.

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