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A New Approach in Analyzing the Effect of Deficit Announcements on Interest Rates

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  • Quigley, Michael Regan
  • Porter-Hudak, Susan
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    Abstract

    Using alternative methods, the authors find less support than previous authors for significant interest rate responses to deficit announcements. The main results are that interest rates respond only 40 percent of the time to deficit announcements and when they do respond the impact is only temporary, lasting between one to six days and involving a 0.25 basis point response per percentage change in the deficit. Copyright 1994 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): 26 (1994)
    Issue (Month): 4 (November)
    Pages: 894-902

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    Handle: RePEc:mcb:jmoncb:v:26:y:1994:i:4:p:894-902

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

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    Cited by:
    1. Becker, Torbjörn, 1995. "Government Debt and Private Consumption: Theory and Evidence," Working Paper Series in Economics and Finance 71, Stockholm School of Economics.
    2. Eric M. Engen & R. Glenn Hubbard, 2004. "Federal Government Debt and Interest Rates," NBER Working Papers 10681, National Bureau of Economic Research, Inc.
    3. Bruno Ducoudré, 2005. "Fiscal policy and interest rates," Documents de Travail de l'OFCE 2005-08, Observatoire Francais des Conjonctures Economiques (OFCE).
    4. Leanne Ussher, 1998. "Do Budget Deficits Raise Interest Rates? A Survey of the Empirical Literature," Working Papers 0005 Classification- JEL:, Department of Economics, Queens College of the City University of New York.

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