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Long-term interest rates and public debt maturity
Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - 2013
the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect … is stronger for countries with higher average inflation or debt. …
Persistent link: https://www.econbiz.de/10010189835
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The economic consequences of rising US government debt: privileges at risk
Bohn, Henning - 2010
maturity of U.S. public debt - over $2.5 trillion maturing in 2010 - investor expectations are critical. Excessive debts …
Persistent link: https://www.econbiz.de/10003974641
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Managing debt stability
Bacchiocchi, Emanuele (contributor);  … - 2005
and inflation. We then explore how the relevant covariances and thus the optimal choice of debt instruments depend on the … monetary regime and on Central Bank preferences for output stabilization, inflation control and interestrate smoothing. Finally … two decades. The empirical evidence suggests that the public debt should have a long maturity and a large share of it …
Persistent link: https://www.econbiz.de/10002576712
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Conservation by lending
Harstad, Bård; Storesletten, Kjetil - 2023
This project analyzes how a principal can motivate an agent to conserve rather than exploit a depletable resource. This dynamic problem is relevant for tropical deforestation as well as for other environmental problems. It is shown that the smaller is the agent's discount factor (e.g., because...
Persistent link: https://www.econbiz.de/10014307153
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Consolidating the Covid debt
Keuschnigg, Christian; Johs, Julian; Stevens, Jacob - 2021
One of the main functions of public debt is to smooth taxes and spending over time. In the Covid crisis, the Maastricht deficit restrictions were temporarily suspended to allow for large temporary deficits. As recovery sets in, countries are confronted with the task of consolidating the Covid...
Persistent link: https://www.econbiz.de/10012796971
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How to escape from the debt trap : lessons from the past
Mayer, Thomas; Schnabl, Gunther - 2021
precedents and proposals have included austerity, haircuts and the generation of inflation. Each way has advantages and …, hyperinflation in Germany after World War I, inflation in Argentina since the 1980s, currency reform in Germany after WW II, and …
Persistent link: https://www.econbiz.de/10012514525
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Debt, inflation and growth : robust estimation of long-run effects in dynamic panel data models
Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; … - 2013
This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both … over the 1965-2010 period, we find significant negative long-run effects of public debt and inflation on growth. Our …
Persistent link: https://www.econbiz.de/10010212372
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How do banks and households manage interest rate risk? : evidence from the Swiss mortgage market
Basten, Christoph; Guin, Benjamin; Koch, Cathérine - 2017
We exploit a unique data set that features both un-intermediated mortgage requests and independent offers from multiple banks for each request. We show that households typically are not prudent risk managers but prioritize the minimization of current mortgage payments over the risk of possible...
Persistent link: https://www.econbiz.de/10011721608
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Japan's imbalance of payments
Müller-Plantenberg, Nikolas - 2003
rate s response to external imbalances occurred with a delay. Based on the estimated maturity structure of Japan s foreign …
Persistent link: https://www.econbiz.de/10011404619
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Debt maturity without commitment
Niepelt, Dirk - 2008
I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … maturity structure with positive gross positions and a shortening of the maturity structure when debt issuance is high, output …
Persistent link: https://www.econbiz.de/10003803574