From: Understanding Swiss real interest rates in a financially globalized world
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
OLS | OLS | OLS | OLS | |
\(\Delta (\text {Debt/GDP})_{CH}\) | −16*** | −16*** | −16*** | −12*** |
(2.5) | (2.4) | (2.6) | (2.7) | |
\(\Delta (\text {Debt/GDP})_{j}\) | 2.6*** | 2.8*** | 2.7*** | 2.3*** |
(.6) | (.62) | (.75) | (.72) | |
\(i_{CH}-i_j\) | .069*** | .066*** | .092*** | .11*** |
(.012) | (.012) | (.013) | (.014) | |
\(\log (VIX)\) | .092*** | .095*** | .035 | .055 |
(.033) | (.033) | (.037) | (.039) | |
\(\log \left( \frac{\text {Real GDP}_{CH}}{\text {Real GDP}_{j}}\right)\) | 2.8*** | 2.7*** | 3.7*** | 4.1*** |
(.24) | (.25) | (.28) | (.31) | |
\(\Delta \log (CB/GDP)_{j}\) | −.07*** | −.07*** | −.059*** | |
(.016) | (.017) | (.019) | ||
\(\Delta \log \left( \frac{\text {ECB assets}}{GDP_{EA12}}\right) \#(j=EURO)\) | −.58** | −.67** | −.51** | |
(.25) | (.26) | (.25) | ||
\(\tau _t\) | .12* | .089 | ||
(.061) | (.062) | |||
\(s_{t-1,j}\) | .44*** | |||
(.14) | ||||
\(\Delta (FX/GDP)_{CH}\) | −.55* | |||
(.32) | ||||
Observations | 602 | 602 | 507 | 507 |
R-squared | 0.76 | 0.76 | 0.78 | 0.79 |
Quad. trend | Yes | Yes | Yes | Yes |
Country FE | Yes | Yes | Yes | Yes |