Replication data for: Public Debt and Changing Inflation Targets

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Project Citation:

Krause, Michael U., and Moyen, Stéphane. Replication data for: Public Debt and Changing Inflation Targets. Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114060V1

Project Description

Summary: What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt. We consider this question in a New Keynesian model with a maturity structure of public debt and an imperfectly observed inflation target. We find that moderate changes in the inflation target only have significant effects on real public debt if they are essentially permanent. Moreover, the additional benefits of not communicating a change in the inflation target are minor.

Scope of Project

JEL Classification:
      E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
      E31 Price Level; Inflation; Deflation
      E52 Monetary Policy
      H63 National Debt; Debt Management; Sovereign Debt

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Published Versions

V1 [2019-10-12]

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