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首页> 外文期刊>Journal of the European Economic Association >Monetary Policy and Sovereign Debt Sustainability
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Monetary Policy and Sovereign Debt Sustainability

机译：货币政策与主权债务可持续性

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摘要

We analyze the consequences of monetary policy for sovereign debt sustainability and welfare in a model of a small open economy where the government issues long-term nominal debt without a commitment not to default on it or erode its real value through (costly) inflation. Inflation is a form of partial default, one that is more state-contingent than outright default. This reduces the government's incentives to default outright and hence enlarges the repayment region, compared to a regime in which debt cannot be inflated away. Moreover, inflation delivers sizable welfare gains in situations of sovereign debt stress, in which its benefits as a debt-stabilizing tool are larger. Over the longer run, however, the welfare gains from inflation are more modest, because the inflationary bias leads the government to create inflation also in situations in which it is less useful for debt-stabilization purposes.
机译：我们分析货币政策的后果主权债务可持续性和福利模型的一个开放的小型经济体政府长期名义债务没有问题承诺不违约或侵蚀通过实际价值(昂贵的)通货膨胀。是部分违约的一种形式,更多状态或有直接违约。降低了政府违约的动机完全偿还,从而扩大区域,而债务不能的政权夸大了。相当大的福利收益的情况下的主权债务压力,它的好处的debt-stabilizing工具更大。运行,然而,从通货膨胀的福利收益更温和,因为通胀偏差导致政府创造通货膨胀也情况下,它是那么有用债务稳定的目的。

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