| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12750 |
| DP12750 Sovereign Default: The Role of Expectations | |
| Pedro Teles; Gaston Navarro; Juan Pablo Nicolini | |
| 发表日期 | 2018-02-22 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | In the standard model of sovereign default, as in Aguiar and Gopinath (2006) or Arellano (2008), default is driven by fundamentals alone. There is no independent role for expectations. We show that small variations of that model are consistent with multiple interest rate equilibria, similar to the ones found in Calvo (1988). For distributions of output that are commonly used in the literature, the high interest rate equilibria have properties that make them fragile. Once output is drawn from a distribution with both good and bad times, however, it is possible to have robust high interest rate equilibria. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Good and bad times Sovereign default Multiple equilibria |
| URL | https://cepr.org/publications/dp12750 |
| 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/541560 |
| 推荐引用方式 GB/T 7714 | Pedro Teles,Gaston Navarro,Juan Pablo Nicolini. DP12750 Sovereign Default: The Role of Expectations. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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