A Nominal Theory of the Nominal Rate of Interest and the Price Level: Some Empirical Evidence

Tito Moreira () and Geraldo Souza ()
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Geraldo Souza: University of Brasilia

Economics Bulletin, 2009, vol. 29, issue 4, 3120-3125

Abstract: This paper aims to investigate the impact of the bond/money ratio on the nominal interest rate. The econometric model chosen fits a dynamic panel data for Canada, Japan and US over the period 1980-2006. We found empirical evidence that Ricardian Equivalence does not hold. The analysis indicates, for the three countries, that the bond/money ratio affects the nominal interest rate.

Keywords: Government debt; Ricardian equivalence; bond/money ratio. (search for similar items in EconPapers)
JEL-codes: E2 H6 (search for similar items in EconPapers)
Date: 2009-12-18
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Citations: View citations in EconPapers (1)

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