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When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts
Acharya, Viral V.; Rajan, Raghuram Govind; Shim, Jack - National Bureau of Economic Research - 2022
We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic … that saves little, the government may engage in more repressive policies to enhance its debt capacity. This could lead to a … "growth trap" where household steady-state consumption is lower than if the government had no access to debt. We discuss the …
Persistent link: https://www.econbiz.de/10013334513
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The Subjective Inflation Expectations of Households and Firms : Measurement, Determinants, and Implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013210074
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Central Banking Post Crises
Kiley, Michael T.; Mishkin, Frederic S. - National Bureau of Economic Research - 2024
The world economy has experienced the largest financial crisis in generations, a global pandemic, and a resurgence in inflation during the first quarter of the 21st century, yielding important insights for central banking. Price stability has important benefits and is the responsibility of a...
Persistent link: https://www.econbiz.de/10014512091
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International Reserve Management under Rollover Crises
Barbosa-Alves, Mauricio; Bianchi, Javier; Sosa Padilla, … - National Bureau of Economic Research - 2024
rollover crisis. In the model, it is optimal for the government to reduce its vulnerability by initially lowering debt, and … then increasing both debt and reserves as it approaches a safe zone. Furthermore, we find that issuing additional debt to …
Persistent link: https://www.econbiz.de/10014544672
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A Simple Model of a Central Bank Digital Currency
Mishra, Bineet; Prasad, Eswar S. - National Bureau of Economic Research - 2023
We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially,...
Persistent link: https://www.econbiz.de/10014250215
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Expectations and the Neutrality of Interest Rates
Cochrane, John H. - National Bureau of Economic Research - 2022
Lucas (1972) is the pathbreaking analysis of the neutrality and temporary non-neutrality of money. But our central banks set interest rate targets, and do not even pretend to control money supplies. How is inflation determined under an interest rate target?
Persistent link: https://www.econbiz.de/10013388824
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Price Level and Inflation Dynamics in Heterogeneous Agent Economies
Kaplan, Greg; Nikolakoudis, Georgios; Violante, Giovanni L. - National Bureau of Economic Research - 2023
We study equilibria in a heterogeneous-agent incomplete-market economy with nominal government debt and flexible prices …
Persistent link: https://www.econbiz.de/10014322820
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US Monetary Policy and the Return to Price Stability
Clarida, Richard H. - National Bureau of Economic Research - 2023
This paper assesses the proximate causes of the post pandemic surge in US inflation, the Federal Reserve's real time reaction to and interpretation of incoming data in 2021, and the pivot to raising rates and shrinking the balance sheet that commenced in 2022 and continues in 2023. Particular...
Persistent link: https://www.econbiz.de/10014337754
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Strategic Money and Credit Ledgers
Brunnermeier, Markus Konrad; Payne, Jonathan - National Bureau of Economic Research - 2023
This paper studies strategic decision making by a private currency ledger operator, which faces competition from public money and/or other ledgers. A monopoly ledger operator can incentivize contract enforcement across the financial sector by threatening exclusion, but it can also impose markups...
Persistent link: https://www.econbiz.de/10014337794
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When do Treasuries Earn the Convenience Yield? : A Hedging Perspective
Acharya, Viral V.; Laarits, Toomas - National Bureau of Economic Research - 2023
switch to alternatives such as gold; it is also reduced immediately prior to debt-ceiling standoffs and with increases in …
Persistent link: https://www.econbiz.de/10014436994