197 articleid 02101025v15n3p379 eng Ayuso, Juan Ex-post Real Interest Rates versus Ex-ante Real Rates : a CCAPM Approach We use an integrated framework based on the CCAPM to jointly estimate ex-ante real interest rates, (bounds on) inflation risk premia and (bounds on) agents' inflation expectation errors. Using the Spanish economy as a natural case study, we illustrate that, for different preference specifications, 1-year ex-ante real interest rates exhibit a very low correlation with the 1-year ex-post rate. According to our results, the difference between both real rates seems to be mainly explained in terms of agents' inflation expectation errors, while the inflation premia play a minor role. Usando el marco proporcionado por el modelo CCAPM podemos estimar conjuntamente tipos de interés reales ex-ante, y cotas a las expectativas de inflación y primas de riesgo inflacionista. Utilizamos la economía española para ilustrar la baja correlación existente entre los tipos reales ex-ante a un año y sus correspondientes tipos ex-post. Nuestros resultados confirman la importancia de las expectativas de inflación para explicar tales diferencias. Article de fons. Inflation expectation errors inflation risk premia preference specifications errores de expectativas de inflación prima de riesgo inflacionista preferencias article López Salido, J. David V. 15 N. 3 (1998), p. 379-401 Revista española de economia 0210-1025 23 240128 http://ddd.uab.cat/pub/ree/02101025v15n3/02101025v15n3p379.pdf 379 401 3 15 02101025v15n3 1998 ARTPUB UAB REE info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion artpubuab oai:ddd.uab.cat:197 driver Tots els drets reservats http://www.europeana.eu/rights/rr-f/