Reports
Calendar of Monetary Highlights
Economic Background
Money and Credit in 1997
Austria’s Major Loans Register in 1997
Studies
The Information Content of the Term Structure − The Austrian Case
In recent years empirical research on the term structure of yields focusing on the interdependence of asset returns, inflation and real activity has reemerged as a topical issue for economic theory and policy.The present study analyzes the information content of yield curve spreads for economic activity and inflation in Austria using a Vector Error Correction model (VEC).The prices of financial assets will play an important role as monetary policy indicators in European Monetary Union.
The opinions expressed in the section “Studies” are those of the individual authors and may differ from the views of the Oesterreichische Nationalbank.