The Determinants of U.S. Real Interest Rates in the Long Run:
This paper examines the factors which influence the behavior of real interest rates in the United States over the long run. Data on real and nominal returns to bonds and equities are tested for unit root non-stationarity. The results indicate that real and nominal interest rates and inflation are in...
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1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1991
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Schriftenreihe: | IMF Working Papers
Working Paper No. 91/118 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper examines the factors which influence the behavior of real interest rates in the United States over the long run. Data on real and nominal returns to bonds and equities are tested for unit root non-stationarity. The results indicate that real and nominal interest rates and inflation are integrated of order one while the evidence on returns to equities is mixed. Short- and long-term real rates were found to be cointegrated with government deficits, government debt relative to GNP, private wealth, real balances relative to GNP, demographic factors and the marginal productivity of capital; demographic, fiscal, and monetary policy variables appear to be particularly significant |
Beschreibung: | 1 Online-Ressource (44 p) |
ISBN: | 1451854056 9781451854053 |
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spelling | Coorey, Sharmini Verfasser aut The Determinants of U.S. Real Interest Rates in the Long Run Coorey, Sharmini Washington, D.C International Monetary Fund 1991 1 Online-Ressource (44 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 91/118 This paper examines the factors which influence the behavior of real interest rates in the United States over the long run. Data on real and nominal returns to bonds and equities are tested for unit root non-stationarity. The results indicate that real and nominal interest rates and inflation are integrated of order one while the evidence on returns to equities is mixed. Short- and long-term real rates were found to be cointegrated with government deficits, government debt relative to GNP, private wealth, real balances relative to GNP, demographic factors and the marginal productivity of capital; demographic, fiscal, and monetary policy variables appear to be particularly significant Online-Ausg http://elibrary.imf.org/view/IMF001/06884-9781451854053/06884-9781451854053/06884-9781451854053.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Coorey, Sharmini The Determinants of U.S. Real Interest Rates in the Long Run |
title | The Determinants of U.S. Real Interest Rates in the Long Run |
title_auth | The Determinants of U.S. Real Interest Rates in the Long Run |
title_exact_search | The Determinants of U.S. Real Interest Rates in the Long Run |
title_exact_search_txtP | The Determinants of U.S. Real Interest Rates in the Long Run |
title_full | The Determinants of U.S. Real Interest Rates in the Long Run Coorey, Sharmini |
title_fullStr | The Determinants of U.S. Real Interest Rates in the Long Run Coorey, Sharmini |
title_full_unstemmed | The Determinants of U.S. Real Interest Rates in the Long Run Coorey, Sharmini |
title_short | The Determinants of U.S. Real Interest Rates in the Long Run |
title_sort | the determinants of u s real interest rates in the long run |
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