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Credibility and Nominal Debt

其他書名	Exploring the Role of Maturity in Managing Inflation
出版	International Monetary Fund, 1989-09-14
主題	Business & Economics / InflationBusiness & Economics / Public FinanceBusiness & Economics / Taxation / General
ISBN	14519585019781451958508
URL	http://books.google.com.hk/books?id=IQkoAQAAMAAJ&hl=&source=gbs_api

註釋This paper focuses on the role of debt maturity in managing the government’s incentives to use opportunistic inflation to reduce the ex post real value of its nominal liabilities. The maturity structure of government debt is shown to be a powerful instrument to affect the time profile of the inflation tax base and, hence, to mitigate the distortions introduced by time inconsistency on taxation policies. The nature of the optimal policy is shown to be heavily dependent on the type of precommitment enjoyed by policymakers.