| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13677 |
| 来源ID | Working Paper 13677 |
| Nominal Debt as a Burden on Monetary Policy | |
| Ramon Marimon; Javier Díaz-Giménez; Giorgia Giovannetti; Pedro Teles | |
| 发表日期 | 2007-12-20 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt, until the time inconsistency disappears. There is a resulting welfare loss if debt is nominal rather than indexed. We also analyze the case where monetary policy is time inconsistent even when debt is indexed. In this case, with nominal debt, the sequential optimal policy converges to a time-consistent steady state with positive -- or negative -- debt, depending on the value of the intertemporal elasticity of substitution. Welfare can be higher if debt is nominal rather than indexed and the level of debt is not too high. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w13677 |
| 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/571353 |
| 推荐引用方式 GB/T 7714 | Ramon Marimon,Javier Díaz-Giménez,Giorgia Giovannetti,et al. Nominal Debt as a Burden on Monetary Policy. 2007. |
| 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 | ||
| w13677.pdf（3319KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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