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Displaying results 1 to 4 of 4.

  1. Self-Fulfilling debt crises with long stagnations
    Author: Ayres, João; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro
    Published: [2023]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 201
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    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: International finance discussion papers ; number 1370 (February 2023)
    Subjects: Self-fulfilling debt crises; sovereign default; multiplicity; stagnations
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  2. Gambling to preserve price (and fiscal) stability
    Author: Corsetti, Giancarlo; Maćkowiak, Bartosz
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We study a model in which policy aims at aggregate price stability. A fiscal imbalance materializes that, if uncorrected, must cause inflation, but the imbalance may get corrected in the future with some probability. By maintaining price stability in... more

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    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    We study a model in which policy aims at aggregate price stability. A fiscal imbalance materializes that, if uncorrected, must cause inflation, but the imbalance may get corrected in the future with some probability. By maintaining price stability in the near term, monetary policy can buy time for a correction to take place. The policy gamble may succeed, preserving price and fiscal stability, or fail, leading to a delayed, possibly large jump in the price level. The resulting dynamics resemble the models of a currency crisis following Krugman (1979) and Obstfeld (1986). Like in Obstfeld's work, multiple equilibria arise naturally: whether or not price stability is preserved may depend on private agents' expectations. The model can be reinterpreted as a model of partial default on public debt, in which case it is reminiscent of Calvo (1988).

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961899
    Other identifier:
    hdl: 10419/283401
    Series: Working paper series / European Central Bank ; no 2844
    Subjects: multiple equilibria; self-fulfilling beliefs; fiscal theory of the price level; inflation expectations; currency crisis; sovereign default
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  3. Sovereign debt maturity structure and dilution
    Author: Hasan, Mohammad Nurul; Singh, Rajesh Kumar
    Published: October 31, 2023
    Publisher:  Iowa State University, Department of Economics, Ames, Iowa

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Rechte
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: October 31, 2023
    Series: Working paper / Iowa State University, Department of Economics ; number 23007
    Subjects: sovereign debt; sovereign default; maturity structure; debt dilution; compensation covenant
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  4. Climate defaults and financial adaptation
    Author: Phan, Toan; Schwartzman, Felipe Farah
    Published: [2023]
    Publisher:  Federal Reserve Bank of Richmond, Richmond

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    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 384
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper series / Federal Reserve Bank of Richmond ; WP 23, 06
    Subjects: climate change; disasters; sovereign default; emerging markets; growth
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen