IMF paper reconsiders association between public debt and long-term yields

IMF headquarters in Washington, DC

A new International Monetary Fund (IMF) paper reconsiders the issue of a positive association between public debt ratios and long-term real yields.

The paper, titled Public Debt in Advanced Economies and its Spillover Effects on Long-term Yields, was released on Tuesday.

The authors, Emre Alper and Lorenzo Forni, state "several models establish a positive association between public debt ratios and long-term real yields", but warn that "the empirical evidence is not always conclusive".

The paper

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