| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP10124
|
| DP10124 The Bond Market: An Inflation-Targeter's Best Friend |
| Andrew Rose
|
| 发表日期 | 2014-09-14
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | This paper explores the relationship between inflation and the existence of a publicly-traded, long-maturity, nominal, domestic-currency bond market. Bond holders suffer from inflation and could be a potent anti-inflationary force; I ask whether their presence is apparent empirically. I use a panel data approach, examining the difference in inflation before and after the introduction of a bond market. My primary focus is on countries with inflation targeting regimes, though I also examine countries with hard fixed exchange rates and other monetary regimes. Inflation-targeting countries with a bond market experience inflation approximately three to four percentage points lower than those without a bond market. This effect is economically and statistically significant; it is also insensitive to a variety of estimation strategies, including using political and fiscal instrumental variables. The existence of a bond market has little effect on inflation in other monetary regimes, as do indexed or foreign-denominated bonds. |
| 主题 | International Macroeconomics
|
| 关键词 | Currency
Domestic
Effect
Empirical
Fixed
Long
Maturity
Nominal
Panel
Risk
|
| URL | https://cepr.org/publications/dp10124
|
| 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/538957
|
推荐引用方式
GB/T 7714 |
Andrew Rose. DP10124 The Bond Market: An Inflation-Targeter's Best Friend. 2014.
|
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