Nonstationarity of Regressors and Tests on Real-Interest-Rate Behavior
重新检验了实际利率的行为，发现实际利率并非恒定，与预期通胀负相关但不如以往研究强烈，且1979年前后实际利率与名义利率的相关性方向发生变化。
This article reexamines tests on the behavior of real interest rates in light of recent results that indicate that regressors are nonstationary and not strictly exogenous. Strong rejections of constancy of real interest rates that have been found previously in the literature are confirmed here. Although there is some evidence here that real rates are negatively correlated with expected inflation, this result is not as strong as has been indicated by previous research. In addition, results that found a significant negative correlation between real rates and nominal rates before 1979 are not supported here, although there is evidence for a positive correlation of real and nominal interest rates after 1979.