TAILIEUCHUNG - WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY

In this section we look at data concerning 10-year government bond yields. Although our main interest is the default risk, this presents only one channel through which fiscal policies can affect long-term yields. There are other channels operating through monetary-fiscal interaction, which should be reflected in the evolution of yields. Therefore we start our descriptive analysis in this section by looking at yields, forward rates and inflation expectations at a weekly frequency. Then we move to an analysis of interest rate swap spreads, at a weekly and daily frequency. For the EU countries represented in Figure 1, the yields dropped from an interval of in the beginning. | EUROPEAN CENTRAL BANK WORKING PAPER SERIES WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY BY BENOIT MOJON November 2000 EUROPEAN CENTRAL BANK WORKING PAPER SERIES WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY BY BENOIT MOJON November 2000 I should like to thank J. Gual for kindly making his indices of deregulation and competition in European countries available to me as well as Frank Smets Ignazio Angeloni Reint Gropp Vitor Gaspar Jérôme Henry Daniela Schackis Nicole de Windt Casper de Vries Jacob de Haan and an anonymous referee for their comments on previous drafts of this paper Andres Manzanares for helpful research assistance and Zoe Sobke and her colleagues for editing the English. I accept full responsibility for any remaining errors which this paper may .

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