Working Papers present research work by both Danmarks Nationalbank’s employees and our partners. Working Papers are primarily targeted at professionals and people with an interest in central banking research as well as economics and finance in a broader sense.

Financial markets

A historical perspective on interestrates in Denmark 1875-2003

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.