The Journal of Finance, Vol. 47, No. 4 (Sep., 1992), pp. 1259-1282 (24 pages) We develop a two-factor general equilibrium model of the term structure. The factors are the short-term interest rate and ...
Debt sustainability depends upon four key ingredients: primary balances, real growth, real interest rates, and debt levels. Higher primary balances—the excess of government revenues over expenditures ...
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