内容摘要
we address the optimal marginal source of financing shocks that raise fiscal needs in the presence of a maturity structure for nominal government debt, distortionary taxes, and sticky prices. we find: (1) the importance of innovations in current and expected inflation that revalue debt increases with both the average maturity and the level of debt; (2) an analytical trade off between inflation and output-gap stabilization as a function of debt maturity; (3) at current debt levels and maturity lengths in advanced economies, inflation would account for as much as 50 percent of marginal optimal financing; (4) maturity attenuates welfare losses from nominal rigidities.
作者简介
周璇，中国人民大学经济学院助理教授，主要研究领域为货币经济学、最优货币-财政政策以及机器学习在宏观政策研究中的应用。其研究成果发表在《journal of monetary economics》、《journal of empirical finance》、《world economy》、《经济研究》、《经济理论与经济管理》等核心期刊，并有多篇论文在国际核心期刊修改和审稿，参与主持多项国家级和校级科研项目。