| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4901 |
| DP4901 Structuring and Restructuring Sovereign Debt: The Role of Seniority | |
| Patrick Bolton; Olivier Jeanne | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We analyse how globalization forces induce monetary authorities, guided in their policies by the welfare criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing the output gaps. Specifically, I demonstrate how the relative weight of the output gap term in a utility-based loss function shrinks when the economy is open to international trade in goods, and is integrated to the world capital markets. |
| 主题 | International Macroeconomics |
| 关键词 | Aggregate supply Trade openness Captial market openness Inflation-output tradeoff |
| URL | https://cepr.org/publications/dp4901 |
| 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/533804 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Olivier Jeanne. DP4901 Structuring and Restructuring Sovereign Debt: The Role of Seniority. 2005. |
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