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Treasury Bill Rates in the 1970s and 1980s

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  • Hendershott, Patric H
  • Peek, Joe

Abstract

As is widely recognized, real interest rates in the early 1980s were at peaks not witnessed since the late 1920s. Less well perceived is the sharp decline in real interest rates in the middle 1980s to their average levels of the previous quarter century. This paper seeks to identify the underlying determinants of the major movements in real six-month Treasury bill rates. The primary innovation is the development of a new monetary policy proxy that explains much of the real rate movement in the 1980s. Copyright 1992 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 24 (1992)
Issue (Month): 2 (May)
Pages: 195-214

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Handle: RePEc:mcb:jmoncb:v:24:y:1992:i:2:p:195-214

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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References

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  1. Slemrod, Joel, 1990. "Fear of Nuclear War and Intercountry Differences in the Rate of Saving," Economic Inquiry, Western Economic Association International, vol. 28(4), pages 647-57, October.
  2. Olivier J. Blanchard & Lawrence H. Summers, 1984. "Perspectives on High World Real Interest Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(2), pages 273-334.
  3. Friedman, Benjamin M, 1988. "Lessons on Monetary Policy from the 1980s," Journal of Economic Perspectives, American Economic Association, vol. 2(3), pages 51-72, Summer.
  4. Cook, Timothy Q & Hendershott, Patric H, 1978. "The Impact of Taxes, Risk and Relative Security Supplies on Interest Rate Differentials," Journal of Finance, American Finance Association, vol. 33(4), pages 1173-86, September.
  5. Stephen M. Goldfeld, 1973. "The Demand for Money Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 4(3), pages 577-646.
  6. Patric H. Hendershott & Joe Peek, 1989. "Aggregate U.S. Private Saving: Conceptual Measures," NBER Chapters, in: The Measurement of Saving, Investment, and Wealth, pages 185-226 National Bureau of Economic Research, Inc.
  7. Patric H. Hendershott, 1984. "Debt and Equity Returns Revisited," NBER Working Papers 1521, National Bureau of Economic Research, Inc.
  8. Joe Peek and James A. Wilcox., 1982. "The Postwar Stability of the Fisher Effect," Research Program in Finance Working Papers 129, University of California at Berkeley.
  9. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  10. Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?," American Economic Review, American Economic Association, vol. 75(1), pages 68-87, March.
  11. Startz, Richard, 1983. "Computation of linear hypothesis tests for two-stage least squares," Economics Letters, Elsevier, vol. 11(1-2), pages 129-131.
  12. Peek, Joe & A. Wilcox, James, 1986. "Tax rate effects on interest rates," Economics Letters, Elsevier, vol. 20(2), pages 183-186.
  13. Joe Peek & James A. Wilcox, 1984. "The Degree of Fiscal Illusion in Interest Rates: Some Direct Estimates," NBER Working Papers 1358, National Bureau of Economic Research, Inc.
  14. Thomas D. Simpson, 1984. "Changes in the Financial System: Implication for Monetary Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(1), pages 249-272.
  15. Makin, John H, 1983. "Real Interest, Money Surprises, Anticipated Inflation and Fiscal Deficits," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 374-84, August.
  16. Jeffrey D. Sachs, 1981. "The Current Account and macroeconomic Adjustment in the 1970s," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 201-282.
  17. Robert E. Lipsey & Helen Stone Tice, 1989. "The Measurement of Saving, Investment, and Wealth," NBER Books, National Bureau of Economic Research, Inc, number lips89-1, May.
  18. Richard H. Clarida & Benjamin M. Friedman, 1983. "Why Have Short-Term Interest Rates Been So High?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 14(2), pages 553-586.
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Cited by:
  1. Peter N. Ireland, 2000. "Sticky-Price Models of the Business Cycle: Specification and Stability," NBER Working Papers 7511, National Bureau of Economic Research, Inc.

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