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Crowding Out, Deficits, and Interest Rates: Reply

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  • Cebula, Richard

Abstract

This Note endeavors to illustrate the relevance of the impact of the budget deficit upon the interest rate to the issue of crowding out. It is argued that empirical studies of the impact of deficits upon interest rates may be very useful in det­ermining whether (and how) crowding out occurs, but that additional empirical analysis involving the interest sensitivity of commodity market demand is needed to then determine the degree of crowding out.

Suggested Citation

  • Cebula, Richard, 1987. "Crowding Out, Deficits, and Interest Rates: Reply," MPRA Paper 51628, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:51628
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    File URL: https://mpra.ub.uni-muenchen.de/51628/1/MPRA_paper_51628.pdf
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    References listed on IDEAS

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    1. Richard Cebula, 1987. "Federal deficits and the real rate of interest in the United States: A note," Public Choice, Springer, vol. 53(1), pages 97-100, January.
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    More about this item

    Keywords

    budget deficits; crowding out; interest rates;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H69 - Public Economics - - National Budget, Deficit, and Debt - - - Other

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