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New evidence on the interest rate effects of budget deficits and debt
Laubach, Thomas - Federal Reserve Board (Board of Governors of the … - 2003
Estimating the effects of government debt and deficits on Treasury yields is complicated by the need to isolate the effects of fiscal policy from other influences. To abstract from the effects of the business cycle, and associated monetary policy actions, on debt, deficits, and interest rates,...
Persistent link: https://www.econbiz.de/10005721120
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Do high debt payments hinder household consumption smoothing?
Johnson, Kathleen W.; Li, Geng - Federal Reserve Board (Board of Governors of the … - 2007
Recently, U.S. households have committed a rising share of disposable personal income to required principal and interest payments on household debt. Studies of the direct link between the household debt service ratio (DSR) and consumption show mixed results—perhaps because debt may instead...
Persistent link: https://www.econbiz.de/10005393742
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Optimal portfolio allocation in a world without Treasury securities
Bomfim, Antulio N. - Federal Reserve Board (Board of Governors of the … - 2001
If current projections of future budget surpluses materialize, investing in Treasury securities--an asset class with which investors have long been familiar--could eventually become a thing of the past. In this paper, I examine the extent to which investors' portfolio allocation decisions are...
Persistent link: https://www.econbiz.de/10005393890
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Price smoothing, intermediate monetary targeting, and price level non- trend-stationarity
VanHoose, David D. - Federal Reserve Board (Board of Governors of the … - 1988
Persistent link: https://www.econbiz.de/10005721237
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Money and inflation: some critical issues
McCallum, Bennett T.; Nelson, Edward - Federal Reserve Board (Board of Governors of the … - 2010
We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any substantial reason for modifying the current mainstream mode of policy analysis, which frequently does not consider monetary aggregates at all. We begin by considering the body of...
Persistent link: https://www.econbiz.de/10008764380
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What do regressions of interest rates on deficits imply?
Swamy, P.A.V.B.; Kolluri, Bharat R.; Singamesetti, Rao N. - Federal Reserve Board (Board of Governors of the … - 1988
Persistent link: https://www.econbiz.de/10005513107
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An analysis of government spending in the frequency domain
Cohen, Darrel - Federal Reserve Board (Board of Governors of the … - 1999
This paper utilizes frequency-domain techniques to identify and characterize economically important properties of government spending. Using post-war data for the United States, the paper first identifies peaks in the estimated spectra of the major components of fiscal spending. Second, the...
Persistent link: https://www.econbiz.de/10005720996
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Industry evidence on the effects of government spending
Nekarda, Christopher J.; Ramey, Valerie A. - Federal Reserve Board (Board of Governors of the … - 2010
This paper investigates industry-level effects of government purchases in order to shed light on the transmission mechanism for government spending on the aggregate economy. We begin by highlighting the different theoretical predictions concerning the effects of government spending on industry...
Persistent link: https://www.econbiz.de/10008498945
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Assessing the productivity of public capital with a locational equilibrium model
Rudd, Jeremy B. - Federal Reserve Board (Board of Governors of the … - 2000
This paper employs Roback's locational-equilibrium model of public-goods pricing, cross-sectional data from the Census … of Population and Housing, and SMSA-level estimates of public capital stocks in order to examine the productive … contribution of public capital. I find that public capital has a small positive impact on private output. …
Persistent link: https://www.econbiz.de/10005393921
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The effects of deficit-reduction laws on real interest rates
Elmendorf, Douglas W. - Federal Reserve Board (Board of Governors of the … - 1996
This paper uses news reports about two deficit-reduction laws of the past decade to identify days when expected fiscal policy clearly became more or less expansionary. The paper also proposes a technique for identifying whether the real interest rate increased or decreased on those days, based...
Persistent link: https://www.econbiz.de/10005394046