{"id":"https://openalex.org/W2090146318","doi":"https://doi.org/10.1080/000368498325976","title":"The fundamental determinants of interest rate differentials in the ERM","display_name":"The fundamental determinants of interest rate differentials in the ERM","publication_year":1998,"publication_date":"1998-02-01","ids":{"openalex":"https://openalex.org/W2090146318","doi":"https://doi.org/10.1080/000368498325976","mag":"2090146318"},"language":"en","primary_location":{"id":"doi:10.1080/000368498325976","doi":"https://doi.org/10.1080/000368498325976","is_oa":false,"landing_page_url":"https://doi.org/10.1080/000368498325976","pdf_url":null,"source":{"id":"https://openalex.org/S201533460","display_name":"Applied Economics","issn_l":"0003-6846","issn":["0003-6846","1466-4283"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5017493001","display_name":"K.H.W. Knot","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Klass H. W. Knot","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5017493001"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.6945,"has_fulltext":false,"cited_by_count":8,"citation_normalized_percentile":{"value":0.92596697,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":93},"biblio":{"volume":"30","issue":"2","first_page":"165","last_page":"176"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.5863999724388123,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.5863999724388123,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.3693999946117401,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14166","display_name":"European Monetary and Fiscal Policies","score":0.03449999913573265,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/interest-rate-differentials","display_name":"interest rate differentials","score":0.9869999885559082},{"id":"https://openalex.org/keywords/european-exchange-rate-mechanism","display_name":"Exchange Rate Mechanism","score":0.7889999747276306},{"id":"https://openalex.org/keywords/devaluation-expectations","display_name":"devaluation expectations","score":0.8619999885559082},{"id":"https://openalex.org/keywords/government-bond-yields","display_name":"government bond yields","score":0.7749999761581421},{"id":"https://openalex.org/keywords/macroeconomic-fundamentals","display_name":"macroeconomic fundamentals","score":0.6890000104904175},{"id":"https://openalex.org/keywords/inflation","display_name":"inflation","score":0.9179999828338623},{"id":"https://openalex.org/keywords/budget-deficit","display_name":"budget deficit","score":0.9879999756813049},{"id":"https://openalex.org/keywords/unemployment","display_name":"unemployment","score":0.9980000257492065}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8349121809005737},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.7581075429916382},{"id":"https://openalex.org/C70455891","wikidata":"https://www.wikidata.org/wiki/Q220788","display_name":"Devaluation","level":3,"score":0.6326689720153809},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.539167582988739},{"id":"https://openalex.org/C113679137","wikidata":"https://www.wikidata.org/wiki/Q10495747","display_name":"Fisher hypothesis","level":4,"score":0.5344599485397339},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.49974846839904785},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.43368327617645264},{"id":"https://openalex.org/C72279823","wikidata":"https://www.wikidata.org/wiki/Q1139726","display_name":"Impulse response","level":2,"score":0.43342331051826477},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.371671199798584},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.2776636481285095},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.14604857563972473},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/000368498325976","doi":"https://doi.org/10.1080/000368498325976","is_oa":false,"landing_page_url":"https://doi.org/10.1080/000368498325976","pdf_url":null,"source":{"id":"https://openalex.org/S201533460","display_name":"Applied Economics","issn_l":"0003-6846","issn":["0003-6846","1466-4283"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:applec:v:30:y:1998:i:2:p:165-176","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/000368498325976","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":48,"referenced_works":["https://openalex.org/W1484599272","https://openalex.org/W1507415936","https://openalex.org/W1555410641","https://openalex.org/W1556993621","https://openalex.org/W1558285228","https://openalex.org/W1601563299","https://openalex.org/W1775800078","https://openalex.org/W1779089044","https://openalex.org/W1967284182","https://openalex.org/W1983974375","https://openalex.org/W2001389660","https://openalex.org/W2001641221","https://openalex.org/W2009492905","https://openalex.org/W2016565934","https://openalex.org/W2019459021","https://openalex.org/W2021244166","https://openalex.org/W2023722224","https://openalex.org/W2026488516","https://openalex.org/W2038558732","https://openalex.org/W2042009343","https://openalex.org/W2059233266","https://openalex.org/W2060558872","https://openalex.org/W2062984609","https://openalex.org/W2066974123","https://openalex.org/W2067360279","https://openalex.org/W2071360330","https://openalex.org/W2075681900","https://openalex.org/W2076370092","https://openalex.org/W2078262739","https://openalex.org/W2085684119","https://openalex.org/W2090528513","https://openalex.org/W2110375930","https://openalex.org/W2137548414","https://openalex.org/W2163253068","https://openalex.org/W2524144013","https://openalex.org/W2890690714","https://openalex.org/W3096310358","https://openalex.org/W3101046020","https://openalex.org/W3121765771","https://openalex.org/W3122941783","https://openalex.org/W3125426954","https://openalex.org/W3125658304","https://openalex.org/W3125707744","https://openalex.org/W4233469267","https://openalex.org/W4238907877","https://openalex.org/W4297902082","https://openalex.org/W4300749681","https://openalex.org/W4388062365"],"related_works":["https://openalex.org/W1893268519","https://openalex.org/W2015104370","https://openalex.org/W1501717847","https://openalex.org/W3094683547","https://openalex.org/W3096310358","https://openalex.org/W2955863583","https://openalex.org/W1574467134","https://openalex.org/W2049062894","https://openalex.org/W2119550039","https://openalex.org/W2015282980"],"abstract_inverted_index":{"The":[0,60],"paper":[1],"analyses":[2],"the":[3,22,30],"sources":[4],"of":[5,62,66,87,117],"persistent":[6],"interest":[7,32,47,111],"rate":[8,33,48,112],"differentials":[9,34,54],"vis-\u00e0-vis":[10],"Germany":[11],"that":[12,70,99],"have":[13,72],"existed":[14],"in":[15,55],"Belgium,":[16],"Denmark,":[17],"France,":[18],"Ireland,":[19],"Italy,":[20],"and":[21,53,92,121],"Netherlands.":[23],"In":[24],"a":[25,63,80],"target":[26],"zone":[27],"system":[28],"like":[29],"ERM,":[31],"mainly":[35],"reflect":[36],"devaluation":[37,75,106],"expectations,":[38],"which":[39],"are":[40,101],"measured":[41],"here":[42],"by":[43,85],"raw":[44],"1-month":[45,51],"Euromarket":[46],"differentials,":[49,52],"drift-adjusted":[50,105],"long-term":[56],"government":[57],"bond":[58],"yields.":[59],"role":[61],"large":[64],"set":[65],"fundamental":[67],"macroeconomic":[68],"variables":[69],"may":[71],"affected":[73],"these":[74],"expectations":[76],"is":[77],"investigated":[78],"within":[79],"vector":[81],"autoregressive":[82],"(VAR)":[83],"setting,":[84],"means":[86],"Granger-causality":[88],"tests,":[89],"impulse-response":[90],"functions":[91],"variance":[93],"decompositions.":[94],"We":[95],"find":[96],"no":[97],"evidence":[98],"fundamentals":[100],"more":[102],"relevant":[103],"to":[104],"risk":[107],"than":[108],"for":[109,125],"unadjusted":[110],"differentials.":[113],"A":[114],"significant":[115],"impact":[116],"inflation,":[118],"budget":[119],"deficits,":[120],"unemployment":[122],"becomes":[123],"evident":[124],"almost":[126],"all":[127],"ERM-participants.":[128]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2015,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-06-24T00:00:00"}