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150128 ||| eng |
| 020 |
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|a 9781484394502
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| 100 |
1 |
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|a Dell'Erba, Salvatore
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| 245 |
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0 |
|a Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel
|c Salvatore Dell'Erba, Sergio Sola
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2013
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| 300 |
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|a 44 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Public debt
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| 653 |
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|a Finance
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Financial services
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| 653 |
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|a Debt Management
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| 653 |
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|a Short term interest rates
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Debts, Public
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| 653 |
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|a Debt
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| 653 |
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|a Fiscal policy
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| 653 |
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|a Globalization: Macroeconomic Impacts
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a International Policy Coordination and Transmission
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Forecasts of Budgets, Deficits, and Debt
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| 653 |
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|a Econometric and Statistical Methods: General
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Long term interest rates
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| 653 |
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|a Public Finance
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| 653 |
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|a Central bank policy rate
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| 700 |
1 |
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|a Sola, Sergio
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781484394502.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2013/159/001.2013.issue-159-en.xml?cid=40741-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a This paper reconsiders the effects of fiscal policy on long-term interest rates employing a Factor Augmented Panel (FAP) to control for the presence of common unobservable factors. We construct a real-time dataset of macroeconomic and fiscal variables for a panel of OECD countries for the period 1989-2012. We find that two global factors—the global monetary and fiscal policy stances—explain more than 60 percent of the variance in the long-term interest rates. Compared to the estimates from models which do not account for global factors, we find that the importance of domestic variables in explaining long-term interest rates is weakened. Moreover, the propagation of global fiscal shocks is larger in economies characterized by macroeconomic and institutional weaknesses
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