国会预算办公室：重新审视债务与长期利率之间的关系（英文版）

In forming its long-run projections of the interest rate on 10-year Treasury notes, the Congressional Budget Office estimates that a 1 percentage-point increase in the projected ratio of debt to gross domestic product raises average long-run interest rates by 2 basis points (bps). The agency refers to that estimated relationship as the debt sensitivity of interest rates (DSIR). Here we extend the sample used in a previous CBO working paper to empirically estimate the DSIR and explore the rela