Government debt and long-term interest rates /

Government debt and long-term interest rates /

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Bibliographic Details
Author / Creator:	Kinoshita, Noriaki, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, Fiscal Affairs Dept., 2006.
Description:	1 online resource (23 pages)
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/06/63 IMF working paper ; WP/06/63.
Subject:	Debts, Public -- Econometric models. Interest rates -- Econometric models. Debts, Public -- Econometric models. Interest rates -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12498591

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. Fiscal Affairs Department.
ISBN:	1282558196 9781282558199 9781451908596 1451908598
Notes:	Includes bibliographical references. Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	This paper examines the relationship between government debt and long-term interest rates. A dynamic general equilibrium model that incorporates debt nonneutrality is specified and solved, and numerical simulations using the model are undertaken. In addition, empirical evidence using panel data for 19 industrial countries is examined. The estimation provides some evidence supporting the theoretical predictions: the paper finds that the simulated and estimated interest rate effects of government debt tend to be small. However, an increase in government consumption and debt leads to a considerably larger effect. The paper also argues that, although the interest rate effects of pure crowding out may be limited, the economic impact of accumulating government debt cannot be ignored.
Other form:	Print version: Kinoshita, Noriaki. Government debt and long-term interest rates. [Washington, D.C.] : International Monetary Fund, Fiscal Affairs Dept., ©2006
Standard no.:	10.5089/9781451908596.001

Description
Summary:	This paper examines the relationship between government debt and long-term interest rates. A dynamic general equilibrium model that incorporates debt nonneutrality is specified and solved, and numerical simulations using the model are undertaken. In addition, empirical evidence using panel data for 19 industrial countries is examined. The estimation provides some evidence supporting the theoretical predictions: the paper finds that the simulated and estimated interest rate effects of government debt tend to be small. However, an increase in government consumption and debt leads to a considerably larger effect. The paper also argues that, although the interest rate effects of pure crowding out may be limited, the economic impact of accumulating government debt cannot be ignored.
Physical Description:	1 online resource (23 pages)
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references.
ISBN:	1282558196 9781282558199 9781451908596 1451908598
ISSN:	2227-8885 ;