| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP431 |
| DP431 A Model of Currency Depreciation and the Debt-Inflation Spiral | |
| Maurice Obstfeld | |
| 发表日期 | 1990-07-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper shows how a government that cannot make credible policy commitments might manage its exchange rate and fiscal stance in a world of rational expectations. The dynamic-game model developed here potentially can generate diverse patterns of macroeconomic behaviour, patterns that differ as a result of assumed differences in government objectives. Under some types of government, the ongoing strategic interaction between the public and private sectors leads to a disinflationary outcome. Other governments may push the economy into a spiral of rising debt and inflation. |
| 主题 | International Macroeconomics |
| 关键词 | Currency depreciation Dynamic games Markov-perfect equilibrium Public debt Tax-smoothing models |
| URL | https://cepr.org/publications/dp431 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529589 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld. DP431 A Model of Currency Depreciation and the Debt-Inflation Spiral. 1990. |
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