| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11687 |
| 来源ID | Working Paper 11687 |
| Fiscal Hedging and the Yield Curve | |
| Hanno Lustig; Christopher Sleet; Sevin Yeltekin | |
| 发表日期 | 2005-10-10 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We identify a novel, fiscal hedging motive that helps to explain why governments issue more expensive, long-term debt. We analyze optimal fiscal policy in an economy with distortionary labor income taxes, nominal rigidities and nominal debt of various maturities. The government in our model can smooth labor tax rates by changing the real return it pays on its outstanding liabilities. These changes require state contingent inflation or adjustments in the nominal term structure. In the presence of nominal pricing rigidities and a cash in advance constraint, these changes are themselves distortionary. We show that long term nominal debt can help a government hedge fiscal shocks by spreading out and delaying the distortions associated with increases in nominal interest rates over the maturity of the outstanding long-term debt. After a positive spending shock, the government raises the yield curve and steepens it. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Fiscal Policy ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w11687 |
| 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/569333 |
| 推荐引用方式 GB/T 7714 | Hanno Lustig,Christopher Sleet,Sevin Yeltekin. Fiscal Hedging and the Yield Curve. 2005. |
| 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 | ||
| w11687.pdf（470KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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