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The Impact of Structural Budget Deficits on Commercial Bank Interest Rates: Reply

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  • Richard J. Cebula

    (Armstrong Atlantic State University)

Abstract

This study examines the impact of the structural budget deficit on the cost of funds at commercial banks. The cost of funds is measured as an ex ante real interest rate. The results of an instrumental variables estimate in first differences indicate that the structural deficit exercises a positive impact on the ex ante real commercial bank cost of funds.

Suggested Citation

  • Richard J. Cebula, 2000. "The Impact of Structural Budget Deficits on Commercial Bank Interest Rates: Reply," Public Finance Review, , vol. 28(3), pages 195-198, May.
    • Handle: RePEc:sae:pubfin:v:28:y:2000:i:3:p:195-198
    DOI: 10.1177/109114210002800302
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    References listed on IDEAS

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    1. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    2. Evans, Paul, 1987. "Interest Rates and Expected Future Budget Deficits in the United States," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 34-58, February.
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    Cited by:

    1. Richard J. Cebula, 2002. "A contemporary investigation of causality between the primary government budget deficit and the ex ante real long term interest rate in the US," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(223), pages 417-435.

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