| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12560 |
| 来源ID | Working Paper 12560 |
| International Capital Flows and U.S. Interest Rates | |
| Francis E. Warnock; Veronica Cacdac Warnock | |
| 发表日期 | 2006-10-06 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Foreign official purchases of U.S. government bonds have an economically large and statistically significant impact on long-term interest rates. Federal Reserve credibility, as evidenced by dramatic reductions in both long-term inflation expectations and the volatility of long rates, contributed much to the decline of long rates in the 1990s. More recently, however, foreign flows have become important. Controlling for various factors given by a standard macroeconomic model, we estimate that had there been no foreign official flows into U.S. government bonds over the past year, the 10-year Treasury yield would currently be 90 basis points higher. Our results are robust to a number of alternative specifications. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Factor Mobility |
| URL | https://www.nber.org/papers/w12560 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570221 |
| 推荐引用方式 GB/T 7714 | Francis E. Warnock,Veronica Cacdac Warnock. International Capital Flows and U.S. Interest Rates. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12560.pdf（195KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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