The Effect of Government Debt on Interest Rates: Working Paper 2019-01
Edward Gamber and
No 55018, Working Papers from Congressional Budget Office
Under current law, the level of federal debt relative to gross domestic product (GDP) is projected to rise significantly over the next decade. The relationship between debt and interest rates plays a key role in CBO's economic and budget projections (especially long-term projections) and for dynamic analyses of fiscal policy, where the sensitivity of interest rates with respect to changes in the level of debt is vitally important. In this analysis, we use a reduced-form regression to estimate the relationship between projected federal debt and expected long-term
JEL-codes: E43 E60 E62 H60 (search for similar items in EconPapers)
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