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Which Improves Welfare More: Nominal or Indexed Bond?

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Author Info

  • Magill, M.
  • Quinzii, M.

Abstract

Economists have long argued that loan contracts should be indexed to remove the risks arising from fluctuations in the purchasing power of money: indexation however while eliminating one risk, sustitutes another, arising from fluctuations in relative prices of goods. We present a theoretical framework which permits the relative merits of a nominal versus and an indexed bond to be assessed in a general equilibrium setting.

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Bibliographic Info

Paper provided by California Davis - Institute of Governmental Affairs in its series Papers with number 95-20.

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Length: 43 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:caldav:95-20

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Postal: UNIVERSITY OF CALIFORNIA DAVIS, INSTITUTE OF GOVERNMENTAL AFFAIRS, RESEARCH PROGRAM IN APPLIED MACROECONOMICS AND MACRO POLICY, DAVIS CALIFORNIA 95616 U.S.A.

Related research

Keywords: BONDS; FINANCIAL MARKET; SOCIAL WELFARE; GENERAL EQUILIBRIUM;

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Cited by:
  1. Durdu, Ceyhun Bora, 2009. "Quantitative implications of indexed bonds in small open economies," Journal of Economic Dynamics and Control, Elsevier, vol. 33(4), pages 883-902, April.

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