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Public Debt Management Numerical Simulations
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50 percent anticipated increase Banca d'Italia Bank of Ireland benchmark Calvo and Guidotti ceteris paribus conventional taxes debt aversion debt issued debt level debt repayment debt with maturity domestic public debt equation 20 equilibrium inflation equilibrium policy evolution of debt exogenous disturbances Fisher equation full precommitment government debt obligations government expenditure Guidotti 1990c incentive incentive-compatible increase in government increase in inflation increase in taxes index of predicted inflation rate inflation tax initial debt initial stock International Financial Statistics International Monetary Fund issued before period Italy marginal cost mature in periods maturity composition maturity longer model's implications concerning nominal debt numerical simulations OECD optimal maturity structure optimal policy parameter path of taxes percent of GDP policy-makers predicted maturity public debt management qualitative real interest rate resort to inflation right-hand side sample period shortening shown by Calvo side of equation structure of government tax smoothing time-consistent time-path transversality condition