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Public debt, money supply, and inflation : a cross-country study and its applications to Jamaica /
This paper provides comprehensive empirical evidence that supports the predictions of Sargent and Wallace's (1981) "unpleasant monetarist arithmetic" that an increase in public debt is typically inflationary in countries with large public debt. Drawing on an extensive panel dataset, w...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington D.C.] :
International Monetary Fund, Western Hemisphere Dept.,
2006.
|
| Colección: | IMF working paper ;
WP/06/121. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 050 | 4 | |a HG3810 |b .I44 v.2006, no.121 | |
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| 100 | 1 | |a Kwon, Goohoon, |e author. | |
| 245 | 1 | 0 | |a Public debt, money supply, and inflation : |b a cross-country study and its applications to Jamaica / |c prepared by Goohoon Kwon, Lavern McFarlane, and Wayne Robinson. |
| 260 | |a [Washington D.C.] : |b International Monetary Fund, Western Hemisphere Dept., |c 2006. | ||
| 300 | |a 1 online resource (37 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper ; |v WP/06/121 | |
| 504 | |a Includes bibliographical references. | ||
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [Place of publication not identified] : |c HathiTrust Digital Library, |d 2010. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2010 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 588 | 0 | |a Print version record. | |
| 520 | |a This paper provides comprehensive empirical evidence that supports the predictions of Sargent and Wallace's (1981) "unpleasant monetarist arithmetic" that an increase in public debt is typically inflationary in countries with large public debt. Drawing on an extensive panel dataset, we find that the relationship holds strongly in indebted developing countries, weakly in other developing countries, but generally not in developed economies. These results are robust to the inclusion of other variables, corrections for endogeneity biases, and relaxation of common-slope restrictions and are invariant over sub-sample periods. We estimate a VAR to trace out the transmission channel and find the impulse responses consistent with the predictions of a forward-looking model of inflation. Wealth effects of public debt could also affect inflation, as posited by the fiscal theory of the price level, but we do not find supportive evidence. The results suggest that the risk of a debt-inflation trap is significant in highly indebted countries, and pure money-based stabilization is unlikely to be effective over the medium term. Our findings stress the importance of institutional and structural factors in the link between fiscal policy and inflation | ||
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Debts, Public |z Jamaica |x Econometric models. | |
| 650 | 0 | |a Money supply |z Jamaica |x Econometric models. | |
| 650 | 0 | |a Inflation (Finance) |z Jamaica |x Econometric models. | |
| 650 | 6 | |a Dettes publiques |z Jamaïque |x Modèles économétriques. | |
| 650 | 6 | |a Inflation |z Jamaïque |x Modèles économétriques. | |
| 650 | 7 | |a Debts, Public |x Econometric models |2 fast | |
| 650 | 7 | |a Inflation (Finance) |x Econometric models |2 fast | |
| 650 | 7 | |a Money supply |x Econometric models |2 fast | |
| 651 | 7 | |a Jamaica |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJgMFVHwFVBfgHmXtgptrq | |
| 700 | 1 | |a McFarlane, Lavern, |e author. | |
| 700 | 1 | |a Robinson, Wayne |q (Wayne Anthony), |d 1972- |e author. |1 https://id.oclc.org/worldcat/entity/E39PCjxmrdtFrF8cjwK9PtcMfq | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department. | |
| 776 | 0 | 8 | |i Print version: |a Kwon, Goohoon. |t Public debt, money supply, and inflation. |d [Washington D.C.] : International Monetary Fund, Western Hemisphere Dept., 2006 |w (OCoLC)76959858 |
| 830 | 0 | |a IMF working paper ; |v WP/06/121. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=3014388 |z Texto completo |
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