The Determination of Long-Term Interest Rates: Implications for Fiscal and Monetary Policies
分析长期利率如何影响企业融资成本、资本形成及家庭财富，进而传导至实体经济，为理解财政与货币政策对非金融经济的作用提供依据。
THE YIELDS AND PRICES of long-term assets play an important role in the complex interrelationships that connect financial and nonfinancial behavior in an economy like that of the United States. Long-term interest rates are a major component of the cost of financial capital to corporate borrowers and, consequently, a key determinant of physical capital formation through business investment in new plant and equipment. Long-term interest rates may also affect other typically debt-financed physical investments like residential construction, although the evidence there is less straightforward. Equity yields constitute another large component of the cost of corporate financial capital, and hence another determinant of business investment. Movements in equity prices (and, to a lesser extent, bond prices) also account for much of the variation in households' overall wealth positions and thereby importantly influence consumer spending. In sum, long-term asset yields and prices are a large part of the story of how what happens in the financial markets including monetary policy and the financial aspects of fiscal policy affects the nonfinancial economy. In light of the importance of long-term asset yields and prices even in a nonfinan-