The Real Interest Rate Yield on Long Term Municipals: What is the Role of Budget Deficits?

This study empirically finds, using ECM, that the primary federal budget deficit shares a bi-directional relationship with the ex ante real interest rate yield on long term municipal bonds. That is, the primary budget deficit acts to raise the real municipal bond yield whereas that yield also acts to raise the primary deficit.

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Year of publication:	2002-09-12
Authors:	Cebula, Richard ; Merrick, Shelley
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	real interest rate yield on municipal bonds \| federal budget deficit \| crowding out

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Notes:	Published in The International Business & Economics Research Conference Program & Proceedings 1.13(2003): pp. 1-10
Classification:	E43 - Determination of Interest Rates; Term Structure Interest Rates ; H61 - Budget; Budget Systems ; H74 - State and Local Borrowing
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011107421