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Finite Horizons, Infinite Horizons, and the Real Interest Rate

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  • Evans, Paul

Abstract

Using an overlapping-generations model in which households may have either finite or infinite horizons, the author derives the implications of each horizon for the steady-state real interest rate. He then formulates an econometric model of the steady-state real interest rate and devises tests that can distinguish between finite and infinite horizons. These tests are applied to annual and quarterly U.S. data, which span the period 1875-1988. The results are inconsistent with finite horizons and broadly consistent with infinite horizons. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Evans, Paul, 1992. "Finite Horizons, Infinite Horizons, and the Real Interest Rate," Economic Inquiry, Western Economic Association International, vol. 30(1), pages 14-28, January.
    • Handle: RePEc:oup:ecinqu:v:30:y:1992:i:1:p:14-28
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    Cited by:

    1. Bruneau, C. & De Bandt, O., 1999. "Fiscal Policy in the Transition to Monetary Union: a Structural VAR Model," Working papers 60, Banque de France.
    2. Van Dalen, Hendrik P., 1995. "Intertemporal substitution in war and peace: Evidence from the United Kingdom, 1830-1990," Journal of Macroeconomics, Elsevier, vol. 17(3), pages 447-469.
    3. van Dalen, Hendrik P., 1999. "Intertemporal substitution in public and private consumption -- long-run evidence from the US and the UK," Economic Modelling, Elsevier, vol. 16(3), pages 355-370, August.

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