Implications of Public Debt Indexation for Monetary Policy Transmission

The goal of this paper is to provide a better understanding of monetary policy effectiveness in the case of indexed bonds. When public debt management deals with bonds indexed to the interest rate set by the monetary policy, there is no wealth effect and, as a consequence, monetary policy has a weak transmission channel reducing its effectiveness. This can help to explain why monetary policy in Brazil has been so tight and interest rates so high during the Real Plan

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Year of publication:	2012
Authors:	de Andrade, Joaquim
Other Persons:	de Castro Pires, Manoel Carlos (contributor)
Publisher:	[2012]: [S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Schuldenmanagement \| Debt management \| Indexanleihe \| Index-linked bond \| Öffentliche Schulden \| Public debt \| Wirkungsanalyse \| Impact assessment \| Vermögenseffekt \| Wealth effect \| Geldpolitische Transmission \| Monetary transmission
Description of contents:	Abstract [papers.ssrn.com]

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Extent:	1 Online-Ressource
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Journal of Applied Economics. Vol XIV, No. 2 (November 2011), 257-268 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 1, 2011 erstellt Volltext nicht verfügbar
Classification:	E32 - Business Fluctuations; Cycles ; E43 - Determination of Interest Rates; Term Structure Interest Rates
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013106214