The Procyclicality of Inflation-Linked Debt

UK time-series data are used to document that the ratio of inflation-linked debt to total public debt (“linker share”) is procyclical. The business cycle properties of the linker share indicate a positive relationship with inflation, even after controlling for breakeven inflation. This can be explained by the tax-smoothing incentives of the government in a simple Ramsey model. Results are similar for the US

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Year of publication:	[2022]
Authors:	Pinter, Gabor
Publisher:	[S.l.] : SSRN
Subject:	Konjunktur \| Business cycle \| Öffentliche Schulden \| Public debt \| Indexanleihe \| Index-linked bond \| Inflation \| Internationale Staatsschulden \| International sovereign debt

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Extent:	1 Online-Ressource (16 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 10, 2022 erstellt
Other identifiers:	10.2139/ssrn.4105238 [DOI]
Classification:	E31 - Price Level; Inflation; Deflation ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; G11 - Portfolio Choice
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013289568