Interest Rate Risk and Other Determinants of Post-WWII US Government Debt/GDP Dynamics

George Hall and Thomas Sargent

American Economic Journal: Macroeconomics, 2011, vol. 3, issue 3, 192-214

Abstract: This paper uses a sequence of government budget constraints to motivate estimates of returns on the US Federal government debt. Our estimates differ conceptually and quantitatively from the interest payments reported by the US government. We use our estimates to account for contributions to the evolution of the debt-GDP ratio made by inflation, growth, and nominal returns paid on debts of different maturities. (JEL E23, E31, E43, G12, H63)

JEL-codes: E23 E31 E43 G12 H63 (search for similar items in EconPapers)
Date: 2011
Note: DOI: 10.1257/mac.3.3.192
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Citations: View citations in EconPapers (115)

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Related works:
Working Paper: Interest rate risk and other determinants of post WWII U.S. government debt/GDP dynamics (2010)
Working Paper: Interest Rate Risk and Other Determinants of Post-WWII U.S. Government Debt/GDP Dynamics (2010)
Working Paper: Interest rate risk and other determinants of post WWII U.S. government debt/GDP dynamics (2010)
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