{"id":"https://openalex.org/W2030699100","doi":"https://doi.org/10.1080/00036846.2014.932050","title":"An empirical investigation into the impact of US federal government budget deficits on the real interest rate yield on intermediate-term treasury issues, 1972\u20132012","display_name":"An empirical investigation into the impact of US federal government budget deficits on the real interest rate yield on intermediate-term treasury issues, 1972\u20132012","publication_year":2014,"publication_date":"2014-06-24","ids":{"openalex":"https://openalex.org/W2030699100","doi":"https://doi.org/10.1080/00036846.2014.932050","mag":"2030699100"},"language":"en","primary_location":{"id":"doi:10.1080/00036846.2014.932050","doi":"https://doi.org/10.1080/00036846.2014.932050","is_oa":false,"landing_page_url":"https://doi.org/10.1080/00036846.2014.932050","pdf_url":null,"source":{"id":"https://openalex.org/S201533460","display_name":"Applied Economics","issn_l":"0003-6846","issn":["0003-6846","1466-4283"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5067589591","display_name":"Richard J. Cebula","orcid":"https://orcid.org/0000-0002-0867-4400","observed_orcids":["https://orcid.org/0000-0002-0867-4400"]},"institutions":[{"id":"https://openalex.org/I36075867","display_name":"Jacksonville University","ror":"https://ror.org/050rkhq40","country_code":"US","type":"education","lineage":["https://openalex.org/I36075867"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Richard J. Cebula","raw_affiliation_strings":["Department of Accounting and Finance, Jacksonville University, Jacksonville, FL32211, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting and Finance, Jacksonville University, Jacksonville, FL32211, USA","institution_ids":["https://openalex.org/I36075867"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5067589591"],"corresponding_institution_ids":["https://openalex.org/I36075867"],"apc_list":null,"apc_paid":null,"fwci":5.607,"has_fulltext":false,"cited_by_count":18,"citation_normalized_percentile":{"value":0.95642723,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"46","issue":"28","first_page":"3483","last_page":"3493"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9018999934196472,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9018999934196472,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.05939999967813492,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13042","display_name":"Economic and Fiscal Studies","score":0.0071000000461936,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/federal-deficit","display_name":"federal budget deficit","score":0.9620000123977661},{"id":"https://openalex.org/keywords/real-interest-rates","display_name":"real interest rates","score":0.7730000019073486},{"id":"https://openalex.org/keywords/treasury-notes","display_name":"Treasury notes","score":0.7990000247955322},{"id":"https://openalex.org/keywords/monetary-base","display_name":"monetary base","score":0.8700000047683716},{"id":"https://openalex.org/keywords/quantitative-easing","display_name":"quantitative easing","score":0.6930000185966492},{"id":"https://openalex.org/keywords/federal-reserve","display_name":"Federal Reserve","score":0.6539999842643738}],"concepts":[{"id":"https://openalex.org/C2780889827","wikidata":"https://www.wikidata.org/wiki/Q10756188","display_name":"Treasury","level":2,"score":0.9000502824783325},{"id":"https://openalex.org/C2395362","wikidata":"https://www.wikidata.org/wiki/Q6663479","display_name":"Loanable funds","level":3,"score":0.8603021502494812},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7282291650772095},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.664560079574585},{"id":"https://openalex.org/C45619296","wikidata":"https://www.wikidata.org/wiki/Q17010135","display_name":"Deficit spending","level":3,"score":0.5673020482063293},{"id":"https://openalex.org/C2780822617","wikidata":"https://www.wikidata.org/wiki/Q5440514","display_name":"Federal budget","level":3,"score":0.5547823309898376},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5380117297172546},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.5295361280441284},{"id":"https://openalex.org/C181683161","wikidata":"https://www.wikidata.org/wiki/Q7301159","display_name":"Real gross domestic product","level":2,"score":0.47009631991386414},{"id":"https://openalex.org/C29185160","wikidata":"https://www.wikidata.org/wiki/Q874727","display_name":"Quantitative easing","level":4,"score":0.4508677124977112},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.3983006477355957},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.3579689860343933},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3331982493400574},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3054063320159912},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.10930544137954712},{"id":"https://openalex.org/C2779999868","wikidata":"https://www.wikidata.org/wiki/Q191891","display_name":"Fiscal year","level":2,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/00036846.2014.932050","doi":"https://doi.org/10.1080/00036846.2014.932050","is_oa":false,"landing_page_url":"https://doi.org/10.1080/00036846.2014.932050","pdf_url":null,"source":{"id":"https://openalex.org/S201533460","display_name":"Applied Economics","issn_l":"0003-6846","issn":["0003-6846","1466-4283"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:applec:v:46:y:2014:i:28:p:3483-3493","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/00036846.2014.932050","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":48,"referenced_works":["https://openalex.org/W1480573945","https://openalex.org/W1483789577","https://openalex.org/W1515758695","https://openalex.org/W1523672929","https://openalex.org/W1569646354","https://openalex.org/W1582250216","https://openalex.org/W1588532073","https://openalex.org/W1963131458","https://openalex.org/W1969533146","https://openalex.org/W1973736895","https://openalex.org/W1976214443","https://openalex.org/W1980501965","https://openalex.org/W1986247252","https://openalex.org/W1991217694","https://openalex.org/W2002416377","https://openalex.org/W2002700420","https://openalex.org/W2012819422","https://openalex.org/W2019512489","https://openalex.org/W2020229183","https://openalex.org/W2021003556","https://openalex.org/W2022786085","https://openalex.org/W2038078420","https://openalex.org/W2043480288","https://openalex.org/W2047560619","https://openalex.org/W2048995122","https://openalex.org/W2059496384","https://openalex.org/W2060786567","https://openalex.org/W2064955555","https://openalex.org/W2070740540","https://openalex.org/W2086177939","https://openalex.org/W2117178635","https://openalex.org/W2155867843","https://openalex.org/W2182373234","https://openalex.org/W2186669184","https://openalex.org/W2312072787","https://openalex.org/W2313951699","https://openalex.org/W2316379243","https://openalex.org/W2322951524","https://openalex.org/W2324644084","https://openalex.org/W2328379246","https://openalex.org/W2334208381","https://openalex.org/W2764984617","https://openalex.org/W3023906401","https://openalex.org/W3140375912","https://openalex.org/W4239879460","https://openalex.org/W4256290197","https://openalex.org/W4290016560","https://openalex.org/W4394945775"],"related_works":["https://openalex.org/W2263483707","https://openalex.org/W1680272192","https://openalex.org/W2160312512","https://openalex.org/W2110439928","https://openalex.org/W3005714688","https://openalex.org/W2040787515","https://openalex.org/W2773078005","https://openalex.org/W7111882998","https://openalex.org/W361809396","https://openalex.org/W2048995122"],"abstract_inverted_index":{"This":[0,65,119],"study":[1,66,120,126,193],"provides":[2],"new":[3],"empirical":[4],"evidence":[5],"on":[6,14,20,38,168,176],"the":[7,10,15,25,31,57,83,92,110,125,141,150,169,196],"impact":[8,167],"of":[9,24,90,107,117,159],"federal":[11,151],"budget":[12,111,152],"deficit":[13,112],"real":[16,34,79,97,172],"interest":[17,35,47,80,173],"rate":[18,36,48,81,174],"yields":[19,37,175],"intermediate-term":[21],"debt":[22],"issues":[23],"US":[26],"Treasury,":[27],"represented":[28],"herein":[29],"by":[30,140],"ex":[32,77,170],"post":[33,78,171],"3-year":[39,178],"Treasury":[40,44,181],"notes":[41],"and":[42,59,109,164,179,189,202],"7-year":[43,180],"notes,":[45,182],"two":[46,76],"measures":[49],"that":[50,74,134,149],"have":[51],"received":[52],"essentially":[53],"no":[54],"attention":[55],"in":[56,62,94],"economics":[58],"finance":[60],"literature":[61],"recent":[63],"years.":[64],"is":[67],"couched":[68],"within":[69],"a":[70,87,104,114,131,156,162],"loanable":[71],"funds":[72],"model":[73],"includes":[75,135],"yields,":[82],"monetary":[84,138],"base":[85],"as":[86,103,113,155],"per":[88,95,105,115,157],"cent":[89,106,116,158],"GDP,":[91,98,160],"change":[93],"capita":[96],"net":[99],"financial":[100],"capital":[101],"inflows":[102],"GDP":[108],"GDP.":[118],"uses":[121],"annual":[122],"data":[123],"for":[124,186],"period":[127,133,198],"1972":[128],"to":[129,200],"2012,":[130],"time":[132,197],"\u2018quantitative":[136],"easing\u2019":[137],"policies":[139],"Federal":[142],"Reserve.":[143],"Two-stage":[144],"least":[145],"squares":[146],"estimations":[147],"reveal":[148],"deficit,":[153],"expressed":[154],"exercised":[161],"positive":[163],"statistically":[165],"significant":[166],"both":[177],"even":[183],"after":[184],"allowing":[185],"quantitative":[187],"easing":[188],"other":[190],"factors.":[191],"The":[192],"also":[194],"considers":[195],"1980":[199],"2012":[201],"offers":[203],"simple":[204],"robustness":[205],"testing.":[206]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":3},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":3}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}