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A Theoretical Note on the Impact of Debt Service Responsiveness to Interest Rates on Macroeconomic Stability
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A Theoretical Note on the Impact of Debt Service Responsiveness to Interest Rates on Macroeconomic Stability

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Abstract

This theoretical note examines the impact of the interest sensitivity of government outlays on macroeconomic stability and economic policy effectiveness. It is found that, if the interest sensitivity of government outlays exceeds the interest sensitivity of private sector spending, the condition for ISLM stability is reversed and a policy of increasing the money stock acts to reduce the level of GDP.

Suggested Citation

  • Cebula, Richard J. & Renas, Stephen M., 2000. "A Theoretical Note on the Impact of Debt Service Responsiveness to Interest Rates on Macroeconomic Stability," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 53(2), pages 135-140.
    • Handle: RePEc:ris:ecoint:0245
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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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