全球智库信息集成服务系统(G2TT): Using Inflation to Erode the U.S. Public Debt

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15562
来源ID	Working Paper 15562
	Using Inflation to Erode the U.S. Public Debt
	Joshua Aizenman; Nancy Marion
发表日期	2009-12-03
出版年	2009
语种	英语
摘要	As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since 1955. Projections indicate the debt ratio may be in the 70-100 percent range within ten years. In many respects, the temptation to inflate away some of this debt burden is similar to that at the end of World War II. In 1946, the debt ratio was 108.6 percent. Inflation reduced this ratio about 40 percent within a decade. Yet there are some important differences -shorter debt maturities today reduce the temptation to inflate, while the larger share held by foreigners increases it. This paper lays out an analytical framework for determining the impact of a large nominal debt overhang on the temptation to inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some shortening of debt maturities.
主题	Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w15562
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/573238
推荐引用方式 GB/T 7714	Joshua Aizenman,Nancy Marion. Using Inflation to Erode the U.S. Public Debt. 2009.

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
w15562.pdf（149KB）	智库出版物		限制开放	CC BY-NC-SA	浏览