Impact of budget deficits on ex post real long-term interest rates
The study investigates the impact of budget deficits on ex post real long-term interest rates over the 1973-1995 period, thereby addressing an interest rate measure and time period, i.e. beyond the mid-to late-1980s, that have received only limited attention in the literature. The instrumented variables (IV) estimate provides strong evidence that budget deficits do raise the long-term real ex post rate of interest.
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Volume (Year): 7 (2000)
Issue (Month): 3 ()
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