Nominal versus indexed debt: a quantitative horse race
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...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13131 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | Literaturverz. S. 23 - 25 |
| Beschreibung: | 30 S. graph. Darst. 22 cm |
Internformat
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| 245 | 1 | 0 | |a Nominal versus indexed debt |b a quantitative horse race |c Laura Alfaro ; Fabio Kanczuk |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13131 | |
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| 520 | 8 | |a 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. | |
| 700 | 1 | |a Kanczuk, Fabio |d 1969- |e Verfasser |0 (DE-588)133425711 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
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Datensatz im Suchindex
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| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
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| spelling | Alfaro, Laura Verfasser (DE-588)131449060 aut Nominal versus indexed debt a quantitative horse race Laura Alfaro ; Fabio Kanczuk Cambridge, Mass. National Bureau of Economic Research 2007 30 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13131 Literaturverz. S. 23 - 25 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. Kanczuk, Fabio 1969- Verfasser (DE-588)133425711 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13131 (DE-604)BV002801238 13131 http://papers.nber.org/papers/w13131.pdf kostenfrei Volltext |
| spellingShingle | Alfaro, Laura Kanczuk, Fabio 1969- Nominal versus indexed debt a quantitative horse race |
| title | Nominal versus indexed debt a quantitative horse race |
| title_auth | Nominal versus indexed debt a quantitative horse race |
| title_exact_search | Nominal versus indexed debt a quantitative horse race |
| title_exact_search_txtP | Nominal versus indexed debt a quantitative horse race |
| title_full | Nominal versus indexed debt a quantitative horse race Laura Alfaro ; Fabio Kanczuk |
| title_fullStr | Nominal versus indexed debt a quantitative horse race Laura Alfaro ; Fabio Kanczuk |
| title_full_unstemmed | Nominal versus indexed debt a quantitative horse race Laura Alfaro ; Fabio Kanczuk |
| title_short | Nominal versus indexed debt |
| title_sort | nominal versus indexed debt a quantitative horse race |
| title_sub | a quantitative horse race |
| url | http://papers.nber.org/papers/w13131.pdf |
| volume_link | (DE-604)BV002801238 |
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