Long-Term Interest Rates in the United States: An Empirical Analysis

Lans Bovenberg

IMF Staff Papers, 1988, vol. 35, issue 2, 382-390

Abstract: Some new empirical evidence on the determination of long-term interest rates in the United States is presented. The empirical results generally support the view that fiscal deficits raise real long-term interest rates. The paper also discusses both theoretical considerations and other empirical evidence that suggest that neither the response of private saving nor international capital mobility has prevented budget deficits from raising interest rates.

Date: 1988
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