Interest Rate Risk and Other Determinants of Post-WWII US Government Debt/GDP Dynamics

被引：58

作者：

Hall, George J. ^{[1
]}

Sargent, Thomas J. ^{[2
]}

机构：

[1] Brandeis Univ, Dept Econ, Waltham, MA 02454 USA

[2] NYU, Dept Econ, New York, NY 10012 USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2011年 / 3卷 / 03期

关键词：

MARKET VALUE; YIELD CURVE;

D O I：

10.1257/mac.3.3.192

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper uses a sequence of government budget constraints to motivate estimates of returns on the US Federal government debt. Our estimates differ conceptually and quantitatively from the interest payments reported by the US government. We use our estimates to account for contributions to the evolution of the debt-GDP ratio made by inflation, growth, and nominal returns paid on debts of different maturities. (JEL E23, E31, E43, G12, H63)

引用

页码：192 / 214

页数：23