Abstract:
The paper paints a broad picture of the interest-rate development in Denmark since 1875. Three different short-term interest-rate series (the official discount rate, private banks' average deposit rate, and the market rate of discount/money market rate) and two different long-term interest-rate series (government bond yield and yield on mortgage-credit bonds) are constructed. The stylised facts of the development in real interest rates and inflation expectations in Denmark are presented, and comparisons are made with the development in Germany, the UK, the USA, Norway and Sweden.