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Treasury Bill Rates in the 1970s and 1980s

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  • Hendershott, Patric H
  • Peek, Joe

Abstract

As is widely recognized, real interest rates in the early 1980s were at peaks not witnessed since the late 1920s. Less well perceived is the sharp decline in real interest rates in the middle 1980s to their average levels of the previous quarter century. This paper seeks to identify the underlying determinants of the major movements in real six-month Treasury bill rates. The primary innovation is the development of a new monetary policy proxy that explains much of the real rate movement in the 1980s. Copyright 1992 by Ohio State University Press.

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  • Hendershott, Patric H & Peek, Joe, 1992. "Treasury Bill Rates in the 1970s and 1980s," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(2), pages 195-214, May.
    • Handle: RePEc:mcb:jmoncb:v:24:y:1992:i:2:p:195-214
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    1. James R. Follain, 1990. "Mortgage Choice†," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(2), pages 125-144, June.
    2. Follain, James R. & Hendershott, Patric H. & Ling, David C., 1992. "Real Estate Markets Since 1980: What Role Have Tax Changes Played?," National Tax Journal, National Tax Association;National Tax Journal, vol. 45(3), pages 253-266, September.
    3. Unknown, 1998. "References/Literature Cited," Commodity Costs and Returns Estimation Handbook,, Iowa State University.
    4. Ireland, Peter N., 2001. "Sticky-price models of the business cycle: Specification and stability," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 3-18, February.

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