197 driver artpubuab oai:ddd.uab.cat: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. Tots els drets reservats http://www.europeana.eu/rights/rr-f/ Article de fons. Inflation expectation errors inflation risk premia preference specifications errores de expectativas de inflación prima de riesgo inflacionista preferencias article info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion 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 REE UAB file 0 MD5 f5c6b71da1e8545860cb9eba550991db 240128 bytestream 1.2 filepath pub/ree/02101025v15n3/02101025v15n3p379.pdf disk