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Nominal debt as a burden on monetary policy

Díaz-Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - Federal Reserve Bank of Chicago - 2004

We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium....

Persistent link: https://www.econbiz.de/10005419963

Consequences of going private buyouts for public debt and preferred stock: 1974-1985

Marais, Laurentius; Schipper, Katherine; Smith, Abbie - Federal Reserve Bank of Chicago - 1989

Persistent link: https://www.econbiz.de/10010724116

The case of the undying debt

Velde, François - Federal Reserve Bank of Chicago - 2009

public finances since the 18th century. …

Persistent link: https://www.econbiz.de/10008636088

Empirical research on sovereign debt and default

Tomz, Michael; Wright, Mark L. J. - Federal Reserve Bank of Chicago - 2012

The long history of sovereign debt and the associated enforcement problem have attracted researchers in many fields. In this paper, we survey empirical work by economists, historians, and political scientists. As we review the empirical literature, we emphasize parallel developments in the...

Persistent link: https://www.econbiz.de/10010593676

Loan rates vs. public debt rates: do loan rates reflect special values to the borrower or information intensive lending?

Cook, Douglas O.; Spellman, Lewis J. - Federal Reserve Bank of Chicago - 2006

Bank loans and public debt are competing funding sources for firms without barriers to public debt markets. With firms … seeking the least costly funding and investors in both public debt markets and bank loan markets seeking the highest return … prevail. However, there are two bodies of literature suggesting that loan rates and public debt rates for the same firm might …

Persistent link: https://www.econbiz.de/10011026831

Government equity and money: John Law’s system in 1720 France

Velde, François - Federal Reserve Bank of Chicago - 2003

John Law’s System was a radical restructuring of French public finances, carried out from 1716 to 1720. It involved on … the one hand a conversion of the existing French public debt into something like government equity, on the other hand the … uncontrolled money creation. The System ended with the recreation of a public debt at, surprisingly, the same level as before. …

Persistent link: https://www.econbiz.de/10005726297