6
Views
6
CrossRef citations to date
0
Altmetric
Original Articles

Government borrowing and tax-adjusted real and nominal interest rates

Pages 31-39 | Published online: 20 Oct 2008

References

  • Allen , S. D. The determinants of the tax-adjusted real interest rate . UNC Greensboro Working Paper . Atlanta , GA .
  • Barth , J. R. , Iden , G. and Russek , F. S. 1985 . Federal borrowing and short-term interest rates: a comment . Southern Economic Journal , 52 : 554 – 559 .
  • Beach , C. and MacKinnon , J. 1978 . A maximum likelihood procedure for regression with autocorrelated errors . Econometrica , 46 : 51 – 58 .
  • Blinder , A. S. 1980 . The consumer price index and the measurement of recent inflation . Brookings Papers on Economic Activity , : 539 – 565 .
  • Blinder , A. S. and Fisher , S. 1981 . Inventories, rational expectations and the business cycle . Journal of Monetary Economics , 7 : 277 – 304 .
  • Carmichael , J. and Stebbing , P. W. 1983 . Fisher's paradox and the theory of interest . American Economic Review , 73 : 619 – 630 .
  • Chow , G. 1960 . Tests of equality between sets of coefficients in two . Econometrica , 28 : 591 – 605 .
  • Clarida , R. H. and Friedman , B. M. 1983 . Why have short-term interest rates been so high? . Brookings Papers on Economic Activity , : 553 – 578 .
  • Clarida , R. H. and Friedman , B. M. 1984 . The behavior of U.S. short-term interest rates since October 1979 . Journal of Finance , 39 : 671 – 682 .
  • Cox , M. and Hirschhorn , E. 1983 . The market value of U.S. government debt: monthly, 1942–1980 . Journal of Monetary Economics , 11 : 261 – 272 .
  • DeLeeuw , F. and Holloway , T. 1985 . The measurement and significance of the cyclically adjusted federal budget deficit . Journal of Money, Credit and Banking , 17 : 232 – 242 .
  • DeLeeuw , F. and Holloway , T. 1986 . “ The cyclically adjusted federal budget and federal debt: revised and updated estimates ” . In Survey of Current Business , Vol. 66 , 11 – 17 . Washington DC. : US Department of Commerce .
  • Dwyer , G. P. Jr . 1982 . Inflation and government deficits . Economic Inquiry , 20 : 315 – 320 .
  • Eisner , R. and Pieper , P. J. 1984 . A new view of the federal debt and budget deficits . American Economic Review , 74 : 11 – 92 .
  • Evans , P. 1985 . Do large deficits produce high interest rates? . American Economic Review , 75 : 68 – 87 .
  • Evans , P. 1987a . Interest rates and expected future budget deficits in the United States . Journal of Political Economy , 95 : 34 – 57 .
  • Evans , P. 1987b . Do budget deficits raise nominal interest rates? . Journal of Monetary Economics , 20 : 281 – 300 .
  • Feldstein , M. 1986 . Budget deficits, tax rules and real interest rates , Cambridge , Mass : National Bureau of Economic Research . NBER Working Paper 1970
  • Feldstein , M. and Eckstein , O. 1970 . The fundamental determinants of the interest rate . Review of Economics and Statistics , 52 : 363 – 375 .
  • Fischer , S. 1981 . Relative shocks, relative price variability, and inflation . Brookings Papers on Economic Activity , : 381 – 431 .
  • Goldfeld , S. M. and Quandt , R. E. 1965 . Some tests of homoscedasticity . Journal of the American Statistical Association , : 539 – 547 .
  • 1984 . Macroeconomics , Boston , Massachusetts : Little Brown .
  • Hafer , R. W. and Hein , S. E. 1985 . On the accuracy of time-series, interest rate and survey forecasts of inflation . Journal of Business , : 377 – 398 .
  • Holloway , T. M. 1988 . The relationship between federal deficits/debt and interest rates . The American Economist , 32 : 29 – 38 .
  • Huizinga , J. and Mishkin , F. S. 1984 . Inflation and real interest rates with different risk characteristics . Journal of Finance , 39 : 699 – 712 .
  • Huizinga , J. and Mishkin , F. S. Monetary policy regime shifts and the unusual behavior of real interest rates . Carnegie-Rochester Conference Series on Public Policy . Vol. 24 , pp. 231 – 274 .
  • Levi , M. D. and Makin , J. H. 1978 . Anticipated inflation and interest rates: further interpretation of findings on the Fisher equation . American Economic Review , 68 : 801 – 812 .
  • Levi , M. D. and Makin , J. H. 1979 . Fisher, Phillips, Friedman and the measured impact of inflation on interest . Journal of Finance , 34 : 35 – 52 .
  • Makin , J. H. 1983 . Real interest money surprises, anticipated inflation and fiscal deficits . Review of Economics and Statistics , 65 : 374 – 384 .
  • Makin , J. H. and Tanzi , V. 1984 . “ The level and volatility of interest rates in the United States: the role of expected inflation, real rates and taxes ” . In Taxation Inflation and Interest Rates , Edited by: Tanzi , V. 110 – 142 . Washington : International Monetary Fund .
  • Mascaro , A. and Meltzer , A. H. 1983 . Long- and short-term interest rates in a risky world . Jounal of Monetary Economics , 12 : 485 – 518 .
  • Mehra , Y. 1984 . The tax effect, and the recent behaviour of the after-tax real rate: is it too high? . Federal Reserve Bank Richmond Economic Review , 70 July/August : 8 – 20 .
  • Mehra , Y. 1985 . Inflationary expectations, money growth, and the vanishing liquidity effect of money on interest: a further investigation . Federal Reserve Bank of Richmond Economic Review , 71 March/April : 23 – 35 .
  • Melvin , M. R. 1982 . Expected inflation, taxation, and interest rates: the delusion of fiscal illusion . American Economic Review , 72 : 841 – 845 .
  • Mishkin , F. S. 1981 . The real rate of interest: an empirical investigation . Carnegie-Rochester Conference Series on Public Policy , 15 : 151 – 200 .
  • Mishkin , F. S. 1982 . Monetary policy and short-term interest rates: an efficient markets-rational expectations approach . Journal of Finance , 37 : 63 – 72 .
  • Mundell , R. A. 1963 . Inflation and real interest . Journal of Political economy , 71 : 280 – 283 .
  • Peek , J. 1982 . Interest rates, income taxes and anticipated inflation . American Economic Review , 72 : 980 – 991 .
  • Peek , J. and Wilcox , J. A. 1983 . The postwar stability of the Fisher effect . Journal of Finance , 38 : 1111 – 1124 .
  • Peek , J. and Wilcox , J. A. 1987 . Monetary policy regimes and the reduced form for interest rates . Journal of Money, Credit and Banking , 19 : 273 – 291 .
  • Plosser , C. I. 1982 . Government financing decisions and asset returns . Journal of Monetary Economics , 9 : 325 – 352 .
  • Plosser , C. I. 1987 . Fiscal policy and the term structure . Journal of Monetary Economics , 20 : 343 – 368 .
  • Plosser , C. I. , Schwert , G. W. and White , H. 1982 . Differencing as a test of specification . International Economic Review , 23 : 535 – 552 .
  • Sargent , T. J. 1973 . Rational expectations, the real rate of interest, and the national rate of unemployment . Brookings Papers on Economic Activity , : 429 – 472 .
  • Seater , J. J. 1985 . On the construction of marginal federal personal and social security tax rates in the US . Journal of Monetary Economics , 15 : 121 – 135 .
  • Summers , L. H. 1983 . “ The nonadjustment of nominal interest rates: a study of the Fisher effect ” . In A Symposium in Honor of Arthur Okun , Edited by: Tobin , J. 201 – 241 . Washington : The Brookings Institute .
  • Tanzi , V. 1980 . Inflationary expectations, economic activity, taxes and interest rates . American Economic Review , 70 : 12 – 21 .
  • Tobin , J. 1965 . Money and economic growth . Econometrica , 33 : 671 – 684 .
  • Tran , D. T. and Sawhney , B. L. 1988 . Government deficits, capital flows, and interest rates . Applied Economics , 20 : 753 – 765 .
  • Walsh , C. E. 1987 . Three questions concerning nominal and real interest rates . Federal Reserve Bank of San Francisco Economic Review , : 5 – 20 . Autumn
  • Wilcox , J. A. 1983a . Why real interest rates were so low in the 1970's . American Economic Review , 73 : 44 – 53 .
  • Wilcox , J. A. 1983b . The effects of inflation uncertainty and supply shocks on real interest rates . Economics Letters , 12 : 163 – 167 .
  • Wilcox , J. A. 1983c . The missing Fisher effect on nominal interest rates in the 1950s . Review of Economics and Statistics , 65 : 644 – 647 .
  • Zahid , K. H. 1988 . Government budget deficits and interest rates: The evidence since 1971, using alternative deficit measures . Southern Economic Journal , 54 : 725 – 731 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.