Fiscal Policy, Public Debt and the Term Structure of Interest Rates
The introduction of the thesis consists of four parts: first, we motivate our chosen macroeconomic setting by looking at some real world phenomena. For a better understanding of these phenomena, we argue that the mutual dynamic interactions between flScal
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Springer-Verlag Berlin Heidelberg GmbH
Roland Demmel
Fiscal Policy, Public Debt and the Term Structure of Interest Rates
Author Dr. Roland Demmel Institute of Public Finance University of Saarland P.O. Box 151150 D-66041 Saarbrticken, Germany
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Demmel, Roland:
Fiscal poliey, public debt and the term strueture of interest rates / Roland Demmel. - Berlin; Heidelberg ; New York; Barcelona ; Hong Kong ; London ; Milan ; Paris; Singapore ; Tokyo : Springer, 1999 (Lecture notes in economies and mathematical systems ; 476) Zugl.: Saarbriicken. Univ., Diss., 1998 ISBN 978-3-540-66243-3 ISBN 978-3-642-58595-1 (eBook) DOI 10.1007/978-3-642-58595-1
ISSN 0075-8442 ISBN 978-3-540-66243-3 This work is subject to copyright. AII rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, re-use of illustrations, recitation, broadcasting, reproduction on microfilms or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. © Springer-Verlag Berlin Heidelberg 1999 Originally published by Springer-Verlag Berlin Heidelberg New York in 1999 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Typesetting: Camera ready by author "Gedruckt mit Untersttitzung der Deutschen Forschungsgemeinschaft" As "Habilitationsschrift" printed by recommendation of Fakultăt fUr Wirtschaftswissenschaften of the University of Munich with the support of Deutsche Forschungsgemeinschaft. SPIN: 10699835
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Acknowledgments
This book is based on my Ph.D. thesis submitted to and accepted by the University of Saarland in SaarbrUcken, Germany. First of all, I want to thank the members of my thesis committee Jiirgen Eichberger, Robert Holzmann, Christian Keuscbnigg and Klaus Schindler for fruitful discussions and helpful criticism. Second, lowe lots of thanks to many colleagues of the Department of Economics at the University of Saarland and to the participants of the department research seminar, particularly Yves Herve, Holger Meinhardt, Gesa Miehe-Nordmeyer and Katarzyna Zukowska-Gagelmann who have also become good friends of mine. A big share of thanks goes to many colleagues (economists, mathematicians, finance theorists etc.) who I have had the .pleasure to meet and ta1k to intensively on many conferences and workshops during the last four years. Their number, however, is too large to list all of them. Last but absolutely not least, I want to thank my
