| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11141 |
| DP11141 A comparison of nominal and indexed debt under fiscal constraints | |
| [unavailable] | |
| 发表日期 | 2016-02-26 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper makes a welfare comparison between the issuance of price-indexed and nominal public debt in the presence of fiscal constraints, viz. a debt constraint, a deficit constraint and a combination of both. Distortionary taxes or public consumption are regulated to avoid the violation of the relevant fiscal constraint(s). Under a debt constraint indexed debt is generally preferred, while under a deficit constraint the results are more mixed. Introducing inflation persistence and raising the maturity of the debt tends to increase the magnitude of the welfare differences between the two types of debt. Welfare differences are further affected by the degree to which public consumption and tax revenues are indexed to actual versus structural nominal GDP. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Indexed debt Nominal debt Deficit Fiscal constraints Public consumption Tax revenues Welfare Inflation (persistence) Wage growth Debt maturity |
| URL | https://cepr.org/publications/dp11141 |
| 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/539957 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP11141 A comparison of nominal and indexed debt under fiscal constraints. 2016. |
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