The ex post inflation rate was calculated as the annualized growth rate of the Consumer Price Index (CPI) between period t12 and t to deal with seasonality in the CPI series, i.e. t ¼ lnðCPIt= CPIt12Þ 100. The real interest rate for each country was then calculated by subtracting the inflation rate from the nominal interest rate. The real interest rate differential between each country and the US was calculated according to Equation 6.
đang được dịch, vui lòng đợi..