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On the determination of the Belgian short term interest rate

Published online by Cambridge University Press:  17 August 2016

J. Vuchelen
J. Vuchelen*
Affiliation:
Free University of Brussels(V.U.B.)
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Extract

In this paper we present an econometric model for the determination of the Belgian short term interest rate. The different behavioral equations will be estimated. Our approach differs in this respect from the studies of other Belgian authors (e.g. Clavijo-Kervyn, Société Générale de Banque, Hernandez Lopez) who have estimated a reduced form for the short term interest rate. The estimation of a structural model allows us to capture structural aspects and to take specific monetary policy instruments into account. It is therefore also easier to analyse the channels through which monetary policy instruments influence the short term interest rate.

Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 43 , Issue 2 , June 1977 , pp. 129 - 140
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1977 

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References

[1] Clavijo, F. & Kervyn, A. (1974) « Anemone; a monetary Model for Belgium »; Recherches Economiques de Louvain, Vol. 40, n° 4, p. 315–354.Google Scholar
[2] Finet, J. , « Monetary policy in Belgium », in Holbik, K: « Monetary Policy in Twelve Industrial Countries », Boston, p. 39–69.Google Scholar
[3] Hernandez Lopez, M. (1975) « Les déterminants des Taux d’Intérêts », Université Catholique de Louvain, Nouvelle Série n° 119.Google Scholar
[4] National Bank of Belgium (1972), « Monetary Policy in Belgium », in European Economic Community: « Monetary Policy in the EEC », Brussels, p. 373–432.Google Scholar
[5] Société Générale de Banque (1971), « Taux d’Intérêt en Belgique », p. 65.Google Scholar
[6] Vuchelen, J. (1975), « Discontovoetveranderingen en Herdisconto bij de Nationale Bank », Economisch en Sociaal Tijdschrift, 5, p. 579–595.Google Scholar
[7] Vuchelen, J. (1976), « A structural Monetary Model for Belgium », CEMS Working paper, nr 58; to appear in Cahiers Economiques de Bruxelles.Google Scholar