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More on budget deficits and interest rates in the United States

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Conclusion

This brief study demonstrates that, within the context of a properly specified reduced-form equation estimated by OLS, the federal budget deficit does act to elevate interest rates. These results differ sharply from Gupta's, where the total deficit is not broken down properly into its endogenous and exogenous components.

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Reference

  • Holloway, T.M. (1986). The cyclically adjusted federal budget and federal debt: Revised and up-dated estimates. Survey of Current Business 66: 11–17.

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Authors and Affiliations

  1. Department of Economics, Emory University, 30322, Atlanta, GA

    Richard J. Cebula

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  1. Richard J. Cebula
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Cebula, R.J. More on budget deficits and interest rates in the United States. Public Choice 60, 93–97 (1989). https://doi.org/10.1007/BF00124315

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  • DOI: https://doi.org/10.1007/BF00124315

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