全球智库信息集成服务系统(G2TT): Nominal versus Indexed Debt: A Quantitative Horse Race

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w13131
来源ID	Working Paper 13131
	Nominal versus Indexed Debt: A Quantitative Horse Race
	Laura Alfaro; Fabio Kanczuk
发表日期	2007-05-24
出版年	2007
语种	英语
摘要	The main arguments in favor and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium model with tax distortion, government outlays uncertainty, and contingent-debt service. Our framework also recognizes that contingent debt can be associated with incentive problems and lack of commitment. Thus, the benefits of unexpected inflation are tempered by higher interest rates. We obtain that costs from inflation more than offset the benefits from reducing tax distortions. We further discuss sustainability of nominal debt in developing (volatile) countries.
主题	Macroeconomics ; Fiscal Policy ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w13131
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/570799
推荐引用方式 GB/T 7714	Laura Alfaro,Fabio Kanczuk. Nominal versus Indexed Debt: A Quantitative Horse Race. 2007.