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

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  • A. Lans Bovenberg

    (International Monetary Fund)

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.

Suggested Citation

  • A. Lans Bovenberg, 1988. "Long-Term Interest Rates in the United States: An Empirical Analysis," IMF Staff Papers, Palgrave Macmillan, vol. 35(2), pages 382-390, June.
    • Handle: RePEc:pal:imfstp:v:35:y:1988:i:2:p:382-390
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    Cited by:

    1. William G. Gale & Peter R. Orszag, 2004. "Budget Deficits, National Saving, and Interest Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(2), pages 101-210.
    2. Willem Naude, 1995. "Financial liberalisation and interest rate risk management in Sub-Saharan Africa," Economics Series Working Papers WPS/1996-12, University of Oxford, Department of Economics.
    3. HARJIT K. Arora & PAMI Dua, 1993. "Budget Deficits, Domestic Investment, And Trade Deficits," Contemporary Economic Policy, Western Economic Association International, vol. 11(1), pages 29-44, January.
    4. Carlos David Ardila-Dueñas & Hernán Rincón-Castro, 2019. "¿Cómo y qué tanto impacta la deuda pública a las tasas de interés de mercado?," Borradores de Economia 1077, Banco de la Republica de Colombia.
    5. Bob Barnes, 2007. "A Cointegrating approach to budget deficits and long-term interest rates," Applied Economics, Taylor & Francis Journals, vol. 40(2), pages 127-133.

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