Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/238659 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Working Paper No. 969
Verlag: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Zusammenfassung: 
This paper analyzes the nominal yields of UK gilt-edged securities ("gilts") based on a Keynesian perspective, which holds that the short-term interest rate is the primary driver of the long-term interest rate. Quarterly data are used to model gilts' nominal yields. These models bring to light the complex dynamics relating the nominal yields on gilts to the short-term interest rate, inflation, the growth of industrial production, and the government debt ratio. The results show that the short-term interest rate has a crucial influence on the nominal yields on gilts, even after controlling for various factors. Contrary to widely held views, a higher government debt ratio does not lead to higher nominal yields.
Schlagwörter: 
UK Gilt-Edged Securities
Government Bonds
Long-Term Interest Rates
Nominal Bond Yields
Government Debt
JEL: 
E43
E50
E58
E60
G10
G12
Dokumentart: 
Working Paper

Datei(en):
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