Reports
Calendar of Monetary Highlights
Economic Background
Money and Credit in 1998
Balance of Payments in the First Three Quarters of 1998
Austria’s International Investment Position in 1997
Special Survey on the Regional Allocation of Nonresident Securities Held by Residents as of December 31, 1997
Financial Assets and Liabilities of Enterprises and Households in the Years 1995 to 1997
Studies
An International Comparison of Term Structures – Estimations Using the OeNB Model
Readily available information about the current term structure of interest rates, its level and recent trends in important countries has become a standard tool of monetary policy analysis. Interest rate curves can be used for inflation and output forecasts, they may give useful indications about the differences in regional monetary stance and contain information about market expectations of future changes in interest rates. This information can alleviate the implementation of monetary policy, for example by judging the timing of the Bank’s market operations. For comparative purposes it is important to use a common technique to estimate the term structure for all countries. This report presents the results of estimating parametric models of the term structure for Austria, Germany, U.K., U.S.A. and Japan over the period 1993 to 1998.
The opinions expressed in the section “Studies” are those of the individual authors and may differ from the views of the Oesterreichische Nationalbank.