haku: @author Prescott, E. C. / yhteensä: 8
viite: 5 / 8
| Tekijä: | Diaz-Gimenez, J. Prescott, E. C. |
| Otsikko: | Real returns on government debt: A general equilibrium quantitative exploration |
| Lehti: | European Economic Review
1997 : JAN, VOL. 41:1, p. 115-137 |
| Asiasana: | LIQUIDITY DEBT EQUILIBRIUM ANALYSIS INTEREST RATES |
| Kieli: | eng |
| Tiivistelmä: | Computable general equilibrium methods to the study of economies with both aggregate uncertainty and uninsured household-specific uncertainty are applied in the paper. In the economies of ours, the government issues two types of assets: a small denomination, non-interest bearing asset (currency), and a large denomination, interest bearing asset (T-bills). It is found that a real interest rate behaviour similar to that observed in the U.S. can be sustained as equilibrium behaviour in our class of economies. It is also found that policy induced real interest rate changes - that are perceived as being permanent - have significant real effects and that these effects take a few yrs. to be fully realized. |
SCIMA