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On Indexed Bonds And Aggregate Demand Elasticity

机译:指数债券与总需求弹性

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摘要

Bonds indexed to the price level or inflation have become popular and more common in the industrialized world. This paper examines the impact of indexed bonds on the price level elasticity of aggregate demand. With a model of aggregate demand based on the standard IS-LM framework and expanded to differentiate between bonds which are indexed to the price level and bonds which are not so indexed, we find that the existence of indexed bonds decreases the elasticity of aggregate demand with respect to the general price level.
机译:以价格或通胀为指标的债券在工业化世界中已变得越来越普遍。本文研究了指数债券对总需求价格弹性的影响。利用基于标准IS-LM框架的总需求模型,并对其进行扩展以区分按价格水平索引的债券和未按价格索引进行分类的债券,我们发现索引债券的存在降低了总需求的弹性。相对于一般价格水平。

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