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Why is it important?
The focus is on the impacts of the total budget deficit on the one hand and the primary budget deficit on the other hand, along with the federal personal income tax, on the real long term Treasury yield.. Both total deficits, as a percent of GDP, and primary deficits, as a percent of GDP, act to elevate long term Treasury interest rate yields. Higher tax rates are found to raise these yields.
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This page is a summary of: An Empirical Analysis of the Effects of Budget Deficits (Total and Primary) and Personal Income Tax Rates on the Ex Post Real Interest Rate Yield on Long-Term U.S. Treasury Bonds, Review of Economic Analysis, December 2019, University of Waterloo,
DOI: 10.15353/rea.v11i2.1625.
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