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DOI：10.1257/aer.20130952.png)
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摘要
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We develop a tractable general equilibrium model that captures the interplay between nominal long-term corporate debt, inflation, and real aggregates. We show that unanticipated inflation changes the real burden of debt and, more significantly, leads to a debt overhang that distorts future investment and production decisions. For these effects to be both large and very persistent, it is essential that debt maturity exceeds one period. We also show that interest rate rules can help stabilize our economy.
Keyword:
MONETARY-POLICY
DEBT OVERHANG
INFLATION
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11.6
论文数:
5.0K
被引数:
7.5W
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Monetary policy rules and macroeconomic stability:: Evidence and some theory货币政策规则与宏观经济稳定: 证据与理论
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