Abstract

In Chapter 6 we obtained a visual impression of the responsiveness of Swedish interest rates to the development in international interest rates. In this chapter I shall measure in quantitative terms the relationship between foreign interest movements and changes in Swedish interest rates, and the time it takes for foreign movements to affect the Swedish rates. The importance of the lagged effect of foreign interest rate movements will thus become manifest. In the absence of a theory explaining this influence, our scrutiny of the data will determine our modelling of lagged influence in Chapter 8.

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