Panel B of Table 14 displays the response of the average ex-post real interest rate
at 1 and 3 years. In S1, except in Australia the response is 0 or slightly negative; like for
the nominal interest rate, there is evidence of a stronger response in S2, at both 1 and 3
years, except in Australia.
Panel C of Table 14 displays the results for the ex-ante real interest rate. The results
at 3 years are very close to those for the ex-post real interest rate; at 1 year, there are
some minor differences. Again the response is mostly positive in S2, and larger than in
S1, in both cases again with the exception of Australia.