Fiscal Policy and the Term Structure of Interest Rates: An Intertemporal Optimizing Analysis
在跨期优化框架下分析政府支出对利率期限结构动态演化的影响，讨论三种扰动（未预期和预期的永久性增加、暂时性减少），并考察整个收益率曲线的动态。
The effects of government expenditure on the dynamic evolution of the term structure of interest rates are analyzed in an infinite horizon intertemporal optimizing macroeconomic framework. Three types of disturbances are discussed: unanticipated and anticipated permanent increases, and a temporary decrease. In the case of anticipated future and temporary disturbances, the lead time in the former, and the duration in the latter, are critical determinants of the dynamics. For a very temporary shock, the short-term and long-term rates will diverge in the short run. While most of the analysis focuses on infinitesimally short, and infinitely long bonds, the dynamics of the entire yield curve are also considered. Copyright 1992 by Ohio State University Press.