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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - Tinbergen Institute - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …
Persistent link: https://www.econbiz.de/10008838553
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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - Tinbergen Instituut - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …
Persistent link: https://www.econbiz.de/10011257504
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Monetary and Fiscal Policy Interactions in an Emerging Open Economy: a Non-Ricardian DSGE Approach
Algozhina, Aliya - FIW - 2012
findings in favor of the fiscal theory of price level as opposed to the traditional monetarist doctrine. …
Persistent link: https://www.econbiz.de/10010856781
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Monetary and Fiscal Policy Interactions in an Emerging Open Economy: A Non-Ricardian DSGE Approach
Algozhina, Aliya - Center for Economic Research and Graduate Education and … - 2012
findings in favor of the fiscal theory of price level as opposed to the traditional monetarist doctrine …
Persistent link: https://www.econbiz.de/10010842892
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Inflation and Nominal Financial Reporting: Implications for Performance and Stock Prices
Konchitchki, Yaniv - Volkswirtschaftliche Fakultät, … - 2011
time). Yet, even during periods of low inflation or deflation, nominal financial statements violate this assumption. I … posit that, while the effects of inflation are not recognized in nominal statements, such effects may have economic … consequences. I find that unrecognized inflation gains and losses help predict future cash flows as these gains and losses turn …
Persistent link: https://www.econbiz.de/10011114513
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Social Security Policy with Public Debt in an Aging Economy
Ono, Tetsuo - Center for Intergenerational Studies, Institute of … - 2002
This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the...
Persistent link: https://www.econbiz.de/10005018473
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A Political Economy Theory of Government Debt and Social Security
Arawatari, Ryo; Ono, Tetsuo - Graduate School of Economics, Osaka University - 2011
This paper analyzes the determinants of government debt and social security for the old in a closed-economy, overlapping-generation model. Under the probabilistic voting, the model presents (i) an intergenerational link of resource allocation via debt and social security; (ii) multiple political...
Persistent link: https://www.econbiz.de/10009372416
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Social security policy with public debt in an aging economy
Ono, Tetsuo - In: Journal of Population Economics 16 (2003) 2, pp. 363-387
This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the...
Persistent link: https://www.econbiz.de/10005622318
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Optimal Financial Repression
Norkina, Olga A.; Pekarski, Sergey E. - National Research University Higher School of Economics - 2014
Modern financial repression in advanced economies does not rely on increasing seigniorage revenue, but mostly rests upon regulatory measures to enlarge the demand for public debt that delivers extremely low or negative real interest rate. In this paper we propose the extension of the overlapping...
Persistent link: https://www.econbiz.de/10011098869
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The New Open Economy Macroeconomics of Government Debt
Ganelli, Giovanni - Royal Economic Society - RES - 2003
In this paper we introduce an overlapping generations structure of the Blanchard (1985) type in a New Open Economy Macroeconomics model. This allows us to study a wider range of fiscal shocks compared to the traditional Mundell-Fleming and to the baseline Redux (Obstfeld and Rogoff 1995, 1996)...
Persistent link: https://www.econbiz.de/10005577106