01734cas a2200241 a 4500 AALejournalIMF008620 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451854053 1018-5941 BD-DhAAL BD-DhAAL Coorey, Sharmini. The Determinants of U.S. Real Interest Rates in the Long Run / Sharmini Coorey. Washington, D.C. : International Monetary Fund, 1991. 1 online resource (44 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the factors which influence the behavior of real interest rates in the United States over the long run. Data on real and nominal returns to bonds and equities are tested for unit root non-stationarity. The results indicate that real and nominal interest rates and inflation are integrated of order one while the evidence on returns to equities is mixed. Short- and long-term real rates were found to be cointegrated with government deficits, government debt relative to GNP, private wealth, real balances relative to GNP, demographic factors and the marginal productivity of capital; demographic, fiscal, and monetary policy variables appear to be particularly significant. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1991/118 Full text available on IMF http://elibrary.imf.org/view/journals/001/1991/118/001.1991.issue-118-en.xml IMF e-Library