Technological change and the U.S. real interest rate

被引：0

作者：

Alexandrakis C. ^{[1
]}

机构：

[1] Department of Economics, Hofstra University, Hempstead, 11549, NY

来源：

Journal of Economics and Finance | 2014年 / 38卷 / 4期

基金：

美国国家科学基金会;

关键词：

Patents; R&D; Real interest rate; Technological change;

D O I：

10.1007/s12197-012-9246-7

中图分类号：

学科分类号：

摘要：

Economic theory predicts that the rate of technological growth exerts a positive influence on the real rate of interest. To test this hypothesis, I examine the relationship between the inflation-adjusted yield of the 90-day Treasury-Bill and two measures of innovation: the rate of growth of the stock of patents per worker and R&D spending relative to GDP. As theory predicts, from 1963 to 2008 the rate of interest responds positively to an increase in either measure. The point-estimates imply an elasticity of intertemporal substitution between one and two. The findings suggest that a change in the stance of monetary policy and a wave of innovation both contributed to the rise of real interest rates in the 1980s. © 2012, Springer Science+Business Media New York.

引用

页码：672 / 686

页数：14

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