A Scorecard For Indexed Government Debt
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A Scorecard For Indexed Government Debt
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Author : John Y. Campbell
language : en
Publisher:
Release Date : 1996
A Scorecard For Indexed Government Debt written by John Y. Campbell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Government securities categories.
Within the last five years, Canada, Sweden and New Zealand have joined the ranks of the United Kingdom and other countries in issuing government bonds that are indexed to inflation. Some observers of the experience in these countries have argued that the United States should follow suit. This paper provides an overview of the issues surrounding debt indexation, and it tries to answer three empirical questions about indexed debt. First, how different would the returns on indexed bonds be from the returns on existing US debt instruments? Second, how would indexed bonds affect the government's average financing costs? Third, how might the Federal Reserve be able to use the information contained in the prices of indexed bonds to help formulate monetary policy? The paper concludes with a more speculative discussion of the possible consequences of increased use of indexed debt contracts by the private sector
A Scorecard For Indexed Goverment Debt
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Author : John Y. Campbell
language : en
Publisher:
Release Date : 1996
A Scorecard For Indexed Goverment Debt written by John Y. Campbell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Optimal Management Of Indexed And Nominal Debt
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Author : Robert J. Barro
language : en
Publisher:
Release Date : 1997
Optimal Management Of Indexed And Nominal Debt written by Robert J. Barro and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Debts, Public categories.
A tax-smoothing objective is used to assess the optimal consumption of public debt with respect to maturity and contingencies. This objective motivates the government to make its debt payout contingent on the levels of public outlay and the tax base. If these contingencies are present, but asset prices of non-contingent indexed debt are stochastic, then full tax smoothing dictates an optimal maturity structure of the non-contingent debt. If the certainty-equivalent outlays are the same for each period then the government should guarantee equal real payouts in each period, that is, the debt takes the form of indexed consols. This structure insulates the government's budget constraint from unpredictable variations in the market prices of indexed bonds of various maturities. If contingent debt is precluded, then the government may want to depart from a consol maturity structure to exploit covariances among public outlay, the tax base, and the term structure of real interest rates. However, if moral hazard is the reason for the preclusion of contingent debt, then this consideration also deters exploitation of these covariances and tends to return the optimal solution to the consol maturity structure. The issue of nominal bonds may allow the government to exploit the covariances among public outlay, the tax base, and the rate of inflation. But if moral-hazard explains the absence of contingent debt, then the same reasoning tends to make nominal debt issue undesirable. The bottom line is that an optimal-tax approach to public debt favors bonds that are indexed and long term.
Indexation Of Government Debt And Its Alternatives
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Author : Mario Monti
language : en
Publisher:
Release Date : 1984
Indexation Of Government Debt And Its Alternatives written by Mario Monti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
Sovereign Debt Structure For Crisis Prevention
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Author : Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 2004
Sovereign Debt Structure For Crisis Prevention written by Eduardo Borensztein and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
About public debt management
Indexed Versus Nominal Government Debt Under Inflation And Price Level Targeting
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Author : Michael Hatcher
language : en
Publisher:
Release Date : 2013
Indexed Versus Nominal Government Debt Under Inflation And Price Level Targeting written by Michael Hatcher and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Handbook Of Inflation Indexed Bonds
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Author : John Brynjolfsson
language : en
Publisher: John Wiley & Sons
Release Date : 1999-02-15
Handbook Of Inflation Indexed Bonds written by John Brynjolfsson and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-02-15 with Business & Economics categories.
Handbook of Inflation Indexed Bonds provides complete coverage of inflation protection bonds beginning with their first U.S. issuance in 1997. Five, in-depth sections detail: strategic asset allocation; mechanics, valuation, and risk monitoring; global environment; issuers; and investors.
Advances In Risk Management Of Government Debt
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2005-08-05
Advances In Risk Management Of Government Debt written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-08-05 with categories.
This study on government debt brings together a number of reports on best practices for managing market risk, credit risk, operational risk and contingent liability risk. It was prepared by the OECD Working Party on Public Debt Management.
Nber Macroeconomics Annual 1996
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Author : Ben S. Bernanke
language : en
Publisher: MIT Press
Release Date : 1997-02
Nber Macroeconomics Annual 1996 written by Ben S. Bernanke and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-02 with Business & Economics categories.
This is the eleventh volume in a series of annuals from the National Bureau of Economic Research that are designed to present, extend, and apply frontier work in macroeconomics, and to encourage and stimulate work by macroeconomists on current policy issues. These contributions offer a good sample of the current issues and exciting research directions in macroeconomics. Contents Credit, Business Investment, and Output Fluctuations in Japan, Nobuhiro Kiyotaki and Kenneth D. West * Causes and Consequences of Imperfections in the Consumer Price Index, Matthew D. Shapiro and David Wilcox * A Scorecard for Indexed Government Debt, John Y. Campbell and Robert J. Shiller * Technology Improvements and Productivity Slowdowns: Another Crazy Explanation, Andreas Hornstein and Per Krusell * Are Currency Crises Self-Fulfilling?, Paul Krugman * Inequity and Growth, Roland Benabou
Inflation Indexed Securities
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Author : Mark Deacon
language : en
Publisher: John Wiley & Sons
Release Date : 2004-04-21
Inflation Indexed Securities written by Mark Deacon and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-21 with Business & Economics categories.
The global market for inflation-indexed securities has ballooned in recent years, and this trend is set to continue. This book examines the rationale behind issuance and investment decisions, and details the issues facing anyone who designs indexed securities, illustrating them wherever possible with actual examples from the international capital markets. In particular, an extensive review of indexed debt markets throughout the world is provided - including for the first time, a comprehensive and consistent set of cash flow and price-yield equations for the instruments already in existence in the major bond markets - forming an important reference for those already experienced in the field, as well as practitioners and academics approaching the subject for the first time. The book also provides unique insight into the development of inflation-indexed derivative products, and the analytical tools required to value such instruments.