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| 02089nam 2200361zi 4500 |
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| 001 | 9.905809 |
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| 003 | CaOODSP |
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| 005 | 20221107180935 |
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| 006 | m o d f |
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| 007 | cr |n||||||||| |
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| 008 | 211209t20212021onc ob f|0| 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2021-58E-PDF |
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| 100 | 1 |aCorhay, Alexandre, |eauthor. |
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| 245 | 10|aDiscount rates, debt maturity and the fiscal theory / |cby Alexandre Corhay, Thilo Kind, Howard Kung and Gonzalo Morales. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2021. |
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| 264 | 4|c©2021 |
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| 300 | |a1 online resource (iii, 59 pages). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-58 |
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| 500 | |a"Last updated: November 26, 2021." |
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| 504 | |aIncludes bibliographical references (pages 45-49). |
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| 520 | |a"This paper examines how the transmission of government portfolio risk arising from maturity operations depends on the stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government portfolio to affect the expected inflation, even in a frictionless economy. The effects of maturity rebalancing on expected inflation in the fiscal theory directly depend on the conditional nominal term premium, giving rise to an optimal debt maturity policy that is state dependent. In a calibrated macro-finance model, we demonstrate that maturity operations have sizable effects on expected inflation and output through our novel risk transmission mechanism"--Abstract. |
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| 650 | 0|aFiscal policy. |
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| 650 | 0|aDebts, Public. |
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| 650 | 6|aPolitique fiscale. |
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| 650 | 6|aDettes publiques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2021-58.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s817 KB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-58-eng.pdf |
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