| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10239 |
| 来源ID | Working Paper 10239 |
| Is it is or is it Ain't my Obligation? Regional Debt in Monetary Unions | |
| Russell Cooper; Hubert Kempf; Dan Peled | |
| 发表日期 | 2004-01-26 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper studies the implications of the circulation of interest bearing regional debt in a monetary union. Does the circulation of this debt have the same monetary implications as the printing of money by a central government? Or are the obligations of this debt simply backed by future taxation with no inflationary consequences? We argue here that both outcomes can arise in equilibrium. In the model economy we consider there are multiple equilibria which reflect the perceptions of agents regarding the manner in which the debt obligations will be met. In one equilibrium, termed Ricardian, the future obligations are met with taxation by a regional government while in the other, termed Monetization, the central bank is induced to print money to finance the region's obligations. The multiplicity of equilibria reflects a commitment problem of the central bank. A key indicator of the selected equilibrium is the distribution of the holdings of the regional debt. We use the model to assess the impact of policy measures, such as fiscal restrictions, within a monetary union. |
| 主题 | Macroeconomics ; Fiscal Policy |
| URL | https://www.nber.org/papers/w10239 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567868 |
| 推荐引用方式 GB/T 7714 | Russell Cooper,Hubert Kempf,Dan Peled. Is it is or is it Ain't my Obligation? Regional Debt in Monetary Unions. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10239.pdf（379KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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