| 000 | 02305cam a22003617 4500 | ||
|---|---|---|---|
| 001 | w20339 | ||
| 003 | NBER | ||
| 005 | 20211020105853.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2014 mau fo 000 0 eng d | ||
| 100 | 1 |
_aHilscher, Jens. _927861 |
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| 245 | 1 | 0 |
_aInflating Away the Public Debt? An Empirical Assessment / _cJens Hilscher, Alon Raviv, Ricardo Reis. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c2014. |
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| 300 |
_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w20339 |
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| 500 | _aJuly 2014. | ||
| 520 | 3 | _aWe propose and implement a method that provides quantitative estimates of the extent to which higher- than-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that relies on detailed information about debt maturity and claimholders, and that uses option prices to construct risk-adjusted probability distributions for inflation at different horizons. The estimates suggest that it is unlikely that inflation will lower the US fiscal burden significantly, and that the effect of higher inflation is modest for plausible counterfactuals. If instead inflation is combined with financial repression that ex post extends the maturity of the debt, then the reduction in value can be significant. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aE31 - Price Level • Inflation • Deflation _2Journal of Economic Literature class. |
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| 690 | 7 |
_aE64 - Incomes Policy • Price Policy _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG18 - Government Policy and Regulation _2Journal of Economic Literature class. |
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| 700 | 1 | _aRaviv, Alon. | |
| 700 | 1 |
_aReis, Ricardo. _919262 |
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| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w20339. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w20339 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w20339 |
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| 942 |
_2ddc _cW-PAPER |
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_c327785 _d286347 |
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