References
- Akram, T., and A. Das. 2014. “Understanding the Low Yields of the Long-Term Japanese Sovereign Debt.” Journal of Economic Issues 48 (2):331–340. doi: https://doi.org/10.2753/JEI0021-3624480206.
- Akram, T., and A. Das. 2015. “A Keynesian Explanation of Indian Government Bond Yields.” Journal of Post Keynesian Economics 38 (4):565–587. doi: https://doi.org/10.1080/01603477.2015.1090294.
- Akram, T., and A. Das. 2017. “The Dynamics of Government Bond Yields in the Eurozone.” Annals of Financial Economics 12 (03):1750011–1750018. doi: https://doi.org/10.1142/S2010495217500117.
- Akram, T., and A. Das. 2019a. “The Long-Run Determinants of Indian Government Bond Yields.” Asian Development Review 36 (1):168–205. doi: https://doi.org/10.1162/adev_a_00127.
- Akram, T., and A. Das. 2019b. “An Analysis of the Daily Changes in US Treasury Security Yields.” Levy Economics Institute Working Paper No. 934 (August). Annandale-on-Hudson, NY: Levy Economics Institute of Bard College. http://www.levyinstitute.org/pubs/wp_934.pdf.
- Akram, T., and A. Das. 2020a. “The Empirics of the Canadian Government Securities Yields.” Levy Economics Institute Working Paper No. 944 (January), Levy Economics Institute of Bard College, Annandale-on-Hudson, NY.
- Akram, T., and A. Das. 2020b. “Australian Government Bonds’ Nominal Yields: A Keynesian Perspective.” Annals of Financial Economics 15 (01):2050003–2050003-20. doi: https://doi.org/10.1142/S2010495220500037.
- Akram, T., and H. Li. 2016. “The Empirics of Long-Term U.S. Interest Rates.” Levy Economics Institute Working Paper No. 863 (March). Levy Economics Institute of Bard College, Annandale-on-Hudson, NY.
- Akram, T., and H. Li. 2017. “What Keeps Long-Term U.S. Interest Rates so Low?” Economic Modelling 60: 380–390. doi: https://doi.org/10.1016/j.econmod.2016.09.017.
- Akram, T., and H. Li. 2018. “The Dynamics of JGBs’ Nominal Yields.” Levy Economics Institute Working Paper No. 906 (May). Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
- Akram, T., and H. Li. 2019. “The Impact of the Bank of Japan’s Monetary Policy on Japanese Government Bonds’ Low Nominal Yields.” Levy Economics Institute Working Paper No. 938 (October). Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
- Akram, T., and H. Li. 2020. “An Inquiry concerning Long-Term U.S. Interest Rates Using Monthly Data.” Applied Economics 52 (24):2594–2621. doi: https://doi.org/10.1080/00036846.2019.1693696.
- Akram, T., and S. Uddin. 2020. “An Empirical Analysis of Long-Term Brazilian Interest Rates.” Levy Economics Institute Working Paper No. 956 (May). Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
- Ardagna, S., F. Caselli, and T. Lane. 2007. “Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries.” The B.E. Journal of Macroeconomics 7 (1):1–33. doi: https://doi.org/10.2202/1935-1690.1417.
- Bindseil, U. 2004. Monetary Policy Implementation: Theory, past, and Present. Oxford, UK, and New York, NY: Oxford University Press.
- Black, F., E. Derman, and W. Toy. 1990. “A One-Factor Model of Interest Rates and Its Application to Treasury Bond Options.” Financial Analysts Journal 46 (1):33–39. doi: https://doi.org/10.2469/faj.v46.n1.33.
- Bölükbaş, M. 2018. “The Fiscal Theory of the Price Level: An Analysis for Fragile Countries.” In Institutions, Development & Economic Growth, edited by İsmail Şiriner and Zişan Yardım KiliçKan, 161–172. London, UK: IJOPEC.
- Brace, A., D. Gatarek, and M. Musiela. 1997. “The Market Model of Interest Rate Dynamics.” Mathematical Finance 7 (2):127–154. doi: https://doi.org/10.1111/1467-9965.00028.
- Cox, J., J. Ingersoll, and S. Ross. 1985. “A Theory of the Term Structure of Interest Rates.” Econometrica 53 (2):385–467. https://www.jstor.org/stable/1911242.
- Das, U. S., M. Papaioannou, G. Pedras, F. Ahmed, and J. Surti. 2010. “Managing Public Debt and Its Financial Stability Implications.” IMF Working Paper 10/280. Washington, DC: International Monetary Fund.
- Dothan, L. U. 1978. “On the Term Structure of Interest Rates.” Journal of Financial Economics 6 (1):59–65. doi: https://doi.org/10.1016/0304-405X(78)90020-X.
- Fullwiler, S. T. 2016. “The Debt Ratio and Sustainable Macroeconomic Policy.” World Economic Review 7:12–42. http://wer.worldeconomicsassociation.org/files/WEA-WER-7-Fullwiler.pdf.
- Fullwiler, S. T. [2008] 2017. “Modern Central Bank Operations: The General Principles.” In Advances in Endogenous Money Analysis, edited by Louis-Philippe Rochon and Sergio Rossi, 50–87. Northampton, MA: Edward Elgar.
- Goodhart, C. A. E. 1998. “Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas.” European Journal of Political Economy 14 (3):407–432. doi: https://doi.org/10.1016/S0176-2680(98)00015-9.
- Gruber, J. W., and S. B. Kamin. 2012. “Fiscal Positions and Government Bond Yields in OECD Countries.” Journal of Money, Credit and Banking 44 (8):1563–1587. doi: https://doi.org/10.1111/j.1538-4616.2012.00544.x.
- Heath, D., R. Jarrow, and A. Morton. 1992. “Bond Pricing and the Term Structure of the Interest Rates: A New Methodology.” Econometrica 60 (1):77–105.
- Heston, S. 1993. “A Close Form-Solution for Options with Stochastic Volatility with Application to Bond and Currency Options.” Review of Financial Studies 6 (2):327–343. doi: https://doi.org/10.1093/rfs/6.2.327.
- Ho, T. S. Y., and S. Lee. 1986. “Term Structure Movements and Pricing Interest Contingent Claims.” The Journal of Finance 41 (5):1011–1029. doi: https://doi.org/10.1111/j.1540-6261.1986.tb02528.x.
- Horioka, C. Y., T. Nomoto, and A. Terada-Hagiwara. 2014. “Why Has Japan’s Massive Government Debt Not Wreaked Havoc (yet)?” The Japanese Political Economy 40 (2):3–23. doi: https://doi.org/10.2753/JES2329-194X400201.
- Hoshi, T., and T. Ito. 2013. “Is the Sky the Limit? Can Japanese Government Bonds Continue to Defy Gravity?” Asian Economic Policy Review 8 (2):218–247. doi: https://doi.org/10.1111/aepr.12023.
- Hull, J. C., and A. White. 1990a. “Pricing Interest Rate Derivative Securities.” Review of Financial Studies 3 (4):573–592. doi: https://doi.org/10.1093/rfs/3.4.573.
- Hull, J. C., and A. White. 1990b. “Valuing Derivative Securities Using the Finite Difference Method.” The Journal of Financial and Quantitative Analysis 25 (1):87–100. doi: https://doi.org/10.2307/2330889.
- Jaramillo, L., and A. Weber. 2013. “Bond Yields in Emerging Economies: It Matters What State You Are In.” Emerging Markets Review 17:169–185. doi: https://doi.org/10.1016/j.ememar.2013.09.003.
- Keynes, J. M. 1930a. A Treatise on Money, Vol. I: The Pure Theory of Money. London, UK: Macmillan.
- Keynes, J. M. 1930b. A Treatise on Money, Vol. II: The Applied Theory of Money. London, UK: Macmillan.
- Keynes, J. M. [1936] 2007. The General Theory of Employment, Interest, and Money. New York, NY: Palgrave Macmillan.
- Kregel, J. 1980. “Markets and Institutions as Features of a Capitalistic Production System.” Journal of Post Keynesian Economics 3 (1):32–48. doi: https://doi.org/10.1080/01603477.1980.11489193.
- Kregel, J. 2011. Was Keynes’ Monetary Policy À Outrance in the Treatise, A Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?” Levy Economics Institute, Policy Note No. 2011/4. Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
- Kurihara, Y. 2015. “Asset Price and Monetary Policy: The Japanese Case.” Journal of Applied Finance and Banking 5 (4):1–9. https://www.scienpress.com/journal_focus.asp?main_id=56&Sub_id=IV&Issue=1531.
- Lerner, A. P. 1943. “Functional Finance and the Federal Debt.” Social Research 10 (1):38–51. https://www.jstor.org/stable/40981939.
- Levrero, E. S., and M. Deleidi. 2019. “The Causal Relationship Between Short-and Long-Term Interest Rates: An Empirical Assessment of the United States.” MPRA Paper No. 93608. Munich, Germany: Munich University Library.
- Macrobond, V. “Macrobond Subscription Services.” Accessed November 10, 2019. https://www.macrobond.com.
- Malliaropulos, D., and P. Migiakis. 2018. “Quantitative Easing and Sovereign Bond Yields: A Global Perspective.” Bank of Greece Working Paper, No. 253. Athens, Greece: Bank of Greece.
- Mattos, O. B., F. Da Roz, F. O. Ultremare, and G. S. Mello. 2019. “Unconventional Monetary Policy and Negative Interest Rates: A Post-Keynesian Perspective on the Liquidity Trap and Euthanasia of the Rentier.” Review of Keynesian Economics 7 (2):185–200. doi: https://doi.org/10.4337/roke.2019.02.05.
- Min, H. G., D. H. Lee, C. Nam, M. C. Park, and S. H. Nam. 2003. “Determinants of Emerging-Market Bond Spreads: Cross-Country Evidence.” Global Finance Journal 14 (3):271–286. doi: https://doi.org/10.1016/j.gfj.2003.10.001.
- Patra, M. D., S. Pattanaik, J. John, and H. K. Behera. 2016. “Monetary Policy Transmission in India: Do Global Spillovers Matter?” RBI Occasional Papers. 37 (1&2). Mumbai, India: Reserve Bank of India.
- Poghosyan, T. 2014. “Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies.” Economic Systems 38 (1):100–114. doi: https://doi.org/10.1016/j.ecosys.2013.07.008.
- Rebonato, R. 1996. Interest-Rate Options Models: Understanding, Analysing and Using Models for Exotic Interest-Rate Options. Chichester, UK, and New York, NY: John Wiley and Sons.
- Rebonato, R. 2004. Volatility and Correlation: The Perfect Hedger and the Fox. Chichester, UK: John Wiley and Sons.
- Reinhart, C. M., and K. S. Rogoff. 2009. This Time is Different: Eight Centuries of Financial Folly. Princeton, NJ: Princeton University Press.
- Riefler, W. W. 1930. Money Rates and Money Markets in the United States. New York, NY, and London, UK: Harper & Brothers.
- Sau, L. 2018. “Coping with Deflation and the Liquidity Trap in the Eurozone: A Post Keynesian Approach.” Journal of Post Keynesian Economics 41 (2):210–235. doi: https://doi.org/10.1080/01603477.2017.1387498.
- Simoski, S. 2019. “A Keynesian Exploration of the Determinants of Government Bond Yields for Brazil, Colombia, and Mexico.” Master of Science thesis, Levy Economics Institute of Bard College, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY.
- Sims, C. A. 2013. “Paper Money.” American Economic Review 103 (2):563–584. https://doi.org/http://dx.doi.org/10/1257/aer.103.2.563.
- Tkačevs, O., and K. Vilerts. 2019. “The Impact of Government Borrowing Costs on Fiscal Discipline.” Kyklos 729 (3):446–471. doi: https://doi.org/10.1111/kykl.12207.
- Turner, P. 2002. “Bond Markets in Emerging Economies: An Overview of Policy Issues.” BIS Papers No. 11. Basel, Switzerland: Bank for International Settlements.
- Vasicek, O. A. 1977. “An Equilibrium Characterization of the Term Structure.” Journal of Financial Economics 5 (2):177–188. doi: https://doi.org/10.1016/0304-405X(77)90016-2.
- Vinod, H. D., L. Chakraborty, and H. Karun. 2014. “If Deficits Are Not the Culprit, What Determines Indian Interest Rates? An Evaluation Using the Maximum Entropy Bootstrap Method.” Levy Economics Institute Working Paper No. 811 (July). Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
- Wray, L. R. [1998] 2003. Understanding Modern Money: The Key to Full Employment and Price Stability (Paperback Edition). Cheltenham, UK, and Northampton, MA: Edward Elgar.
- Wray, L. R. 2012. Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems. New York, NY: Palgrave Macmillan.