Federal Government Budget Deficits and Interest Rates: An Empirical Analysis for the United States, 1955-1984

Richard J. Cebula

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Monetary Policy and Economic Impact Economic and Fiscal Studies Fiscal Policies and Political Economy

Abstract

This paper uses annual data to examine the impact of federal budget deficits in the United States upon interest rates. The model is framed in a loanable funds model. The model allows for international capital flows, inflationary expectations, and other factors. The finding is that federal budget deficits exercise a positive and significant impact upon a variety of interest rates.

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