Fiscal Policy and the Term Structure of Interest Rates: An Intertemporal Optimizing Analysis
Fiscal Policy and the Term Structure of Interest Rates: An Intertemporal Optimizing Analysis
复制标题
财政政策与利率期限结构：跨期优化分析
DOI：
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发表时间：
1992
期刊：
影响因子：
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通讯作者：
S. Turnovsky
中科院分区：
文献类型：
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作者：
W. H. Fisher;S. Turnovsky
The effects of government expenditure on the dynamic evolution of the term structure of interest rates are analyzed in an infinite horizon intertemporal optimizing macroeconomic framework. Three types of disturbances are discussed: unanticipated and anticipated permanent increases, and a temporary decrease. In the case of anticipated future and temporary disturbances, the lead time in the former, and the duration in the latter, are critical determinants of the dynamics. For a very temporary shock, the short-term and long-term rates will diverge in the short run. While most of the analysis focuses on infinitesimally short, and infinitely long bonds, the dynamics of the entire yield curve are also considered. Copyright 1992 by Ohio State University Press.
