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Can the Central Bank Alleviate Fiscal Burdens?
Reis, Ricardo - 2016
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...
Persistent link: https://www.econbiz.de/10012455666
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...
Persistent link: https://www.econbiz.de/10013361983
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Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis
Fischer, Stanley - 1981
determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all … seigniorage. This paper uses an optimal inflation tax approach to analyze the consequences for optimal rates of income taxation … and welfare of the alternative exchange rate and monetary arrangements. From the viewpoint of seigniorage, a system in …
Persistent link: https://www.econbiz.de/10012478330
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What If Alexander Hamilton Had Been Argentinean? A Comparison of the Early Monetary Experiences of Argentina and the United States
Bordo, Michael D. - 1998
The contrast between the early nineteenth century Argentinean experience of high inflation and the American experience of low inflation is interpreted in terms of a dynamic monetary model of optimal taxation. It is argued that the two countries' experiences diverged because of the different...
Persistent link: https://www.econbiz.de/10012471950
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Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
Du, Wenxin - 2016
Nominal debt provides consumption-smoothing benefits if it can be inflated away during recessions. However, we document empirically that countries with more countercyclical inflation, where nominal debt provides better consumption-smoothing, issue more foreign-currency debt. We propose that...
Persistent link: https://www.econbiz.de/10012456087
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Inflating Away the Public Debt? An Empirical Assessment
Hilscher, Jens - 2014
We 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...
Persistent link: https://www.econbiz.de/10012458328
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Escaping the Great Recession
Bianchi, Francesco - 2014
We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...
Persistent link: https://www.econbiz.de/10012458428
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Seigniorage in Europe
Grilli, Vittorio U. - 1988
In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the … consistent seigniorage policy, for others seigniorage appears to have been an important component of their financing policies …
Persistent link: https://www.econbiz.de/10012476282
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A Major Shock Makes Prices More Flexible and May Result in a Burst of Inflation or Deflation
Hall, Robert Ernest - National Bureau of Economic Research - 2023
The US and other advanced countries suffered bursts of severe inflation in 2021 and the first half of 2022, followed by declines of inflation later in 2022, in some countries. In times of high volatility of price determinants--cost and productivity--inflation can jump upward and fall downward at...
Persistent link: https://www.econbiz.de/10014247946
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On Digital Currencies
Uhlig, Harald - National Bureau of Economic Research - 2024
I discuss private and central-bank-issued digital currencies, summarizing my prior research. I argue that prices of private digital currencies such as bitcoin follow random walks or, more generally, risk-adjusted martingales. For central bank digital currencies, I argue that they enhance the...
Persistent link: https://www.econbiz.de/10014486250