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Inflating away the public debt? : an empirical assessment

Hilscher, Jens; Raviv, Alon; Reis, Ricardo - In: The review of financial studies 35 (2022) 3, pp. 1553-1595

Persistent link: https://www.econbiz.de/10012879000

Inflating Away the Public Debt? An Empirical Assessment

Hilscher, Jens - 2014

-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that …-adjusted probability distributions for inflation at different horizons. The estimates suggest that it is unlikely that inflation will lower … the US fiscal burden significantly, and that the effect of higher inflation is modest for plausible counterfactuals. If …

Persistent link: https://www.econbiz.de/10013050141

Relative Goods' Prices, Pure Inflation, and the Phillips Correlation

Reis, Ricardo - 2007

-price changes, and an index of equiproportional changes in all inflation rates, that we label "pure" inflation. The paper estimates … changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price components to … answer two questions. First, what share of the variability of inflation is associated with each component, and how are they …

Persistent link: https://www.econbiz.de/10012465024

Inattentive Producers

Reis, Ricardo - 2005

producers. I apply these results to a model of inflation. I find that the model can fit the quantitative facts on post …-war inflation remarkably well, that it is a good forecaster of future inflation, and that it survives the Lucas critique by fitting … also the pre-war facts on inflation moderately well …

Persistent link: https://www.econbiz.de/10012466851