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The Impact of Federal Budget Deficits on Long¬Term Nominai Interest Rates in the U.S.: New Evidence and an Updating Using Cointegration and Granger-Causality Tests, 1973. 2-1993.3

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Abstract

This study investigates the impact of federal government budget deficits on nominal long-term interest rates during the post-Bretton Woods era in the United States. The analysis conducts cointegration and Granger_causality tests within an open-economy loanable funds framework The empirical results indicate, among other things, that the nominal long-term lnterest rate and the federal budget deficit are cointegrated and that the federal budget deficit acts to raise the nominal long-term rate of interest over the 1973-1993 study period.

Suggested Citation

  • Cebula, Richard J., 1997. "The Impact of Federal Budget Deficits on Long¬Term Nominai Interest Rates in the U.S.: New Evidence and an Updating Using Cointegration and Granger-Causality Tests, 1973. 2-1993.3," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 50(1), pages 49-60.
    • Handle: RePEc:ris:ecoint:0345
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    Cited by:

    1. Chakraborty, Lekha, 2012. "Determination of Interest Rate in India: Empirical Evidence on Fiscal Deficit-Interest Links and Financial Crowding Out," Working Papers 12/110, National Institute of Public Finance and Policy.
    2. Chakraborty, Lekha S., 2006. "Fiscal deficit, capital formation, and crowding out: Evidence from India," Working Papers 06/43, National Institute of Public Finance and Policy.
    3. Olusola Joel Oyeleke, 2021. "On the Non-Linear Relationship between Fiscal Deficit and Inflation: The Nigeria Experience," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 27(2), pages 105-117, May.
    4. Ritu Rani & Naresh Kumar, 2016. "Does Fiscal Deficit Affect Interest Rate in India? An Empirical Investigation," Jindal Journal of Business Research, , vol. 5(2), pages 87-103, December.

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