Fiscal policy and interest rates : how sustainable is the "new economy"? / prepared by David Hauner and Manmohan S. Kumar.

This paper explores the determinants of long-term government bond yields in the Group of Seven (G-7) economies and analyzes the factors that could explain the conundrum of very low rates in the face of a variety of adverse factors in recent years. In particular, the paper focuses on the deterioratin...

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Bibliographic Details
Main Authors: Hauner, David (Author), Kumar, Manmohan S. (Author)
Format: eBook
Language:English
Published: [Washington, D.C.] : International Monetary Fund, IMF Institute, 2006.
Series:IMF working paper ; WP/06/112.
Subjects:
Online Access:Click for online access
Table of Contents:
  • Contents
  • I. INTRODUCTION
  • II. LOW GLOBAL INTEREST RATES: POSSIBLE EXPLANATIONS
  • III. A MODEL OF INTEREST RATE DETERMINATION
  • IV. EMPIRICAL EVIDENCE
  • A. Data and Methodology
  • B. Empirical Results
  • C.A New Economy of Interest Rates?
  • V. CONCLUSIONS AND POLICY IMPLICATIONS
  • REFERENCES