January 9, 1995
Canada: The Phenix Bank, one dollar, 1837
This one-dollar note is part of the National Currency Collection, Bank of Canada.
Photography by James Zagon.
In this paper, the author uses the term structure of nominal interest rates to construct estimates of agents' expectations of inflation over several medium-term forecast horizons. The Expectations Hypothesis is imposed together with the assumption that expected future real interest rates are given by current real rates. Under these maintained assumptions, it is possible to […]