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dc.contributor.authorFrankel, Jeffreyen
dc.contributor.authorChinn, Menzie D.en
dc.date.accessioned2009-01-28T15:05:03Z-
dc.date.available2009-01-28T15:05:03Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/17934-
dc.description.abstractWe find that real interest rates paid on government debt depend significantly upon current and expected future levels of debt, in Europe as in the US. But this result only emerges when we condition on foreign interest rates, illustrating financial international integration. The previously strong effect of debt on US interest rates has been diluted by the addition of 2004-2006 data to the sample, perhaps reflecting the effect of massive purchases of US securities by foreign central banks. Another finding is that the asymmetry in the effect of US interest rates on European interest rates has not disappeared with the coming of European Economic and Monetary Union in 1999, as one might have thought.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2007-11en
dc.subject.jelE43en
dc.subject.jelF41en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordinterest ratesen
dc.subject.keywordinflationen
dc.subject.keyworddebten
dc.subject.keywordfinancial integrationen
dc.titleDebt and Interest Rates: The U.S. and the Euro Area-
dc.typeWorking Paperen
dc.identifier.ppn558071775en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:5525en

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