Replication data for: Public Debt and Changing Inflation Targets

Principal Investigator(s): View help for Principal Investigator(s) Stéphane Moyen; Michael U. Krause

Name	File Type	Size	Last Modified
AEJMac2013-0014_data			08/03/2019 05:27:AM
LICENSE.txt	text/plain	14.6 KB	08/03/2019 01:27:AM

Project Citation:

Project Description

Summary: What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt. We consider this question in a New Keynesian model with a maturity structure of public debt and an imperfectly observed inflation target. We find that moderate changes in the inflation target only have significant effects on real public debt if they are essentially permanent. Moreover, the additional benefits of not communicating a change in the inflation target are minor.

Scope of Project

JEL Classification:
      E12 Keynes • Keynesian • Post-Keynesian
      E31 Price Level • Inflation • Deflation
      E52 Monetary Policy
      H63 Debt • Debt Management • Sovereign Debt

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Published Versions

V1 [2019-08-03]

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