Consequences of Debt Policy in a Stochastically Growing Monetary Economy
AbstractThe effects of open market operations and long versus short bond financing on risk in financial markets in a stochastically growing economy are studied. An increase in short bonds, resulting from exchanging long bonds, increases the riskiness of long bonds and raises their real rate of return. An open market purchase of either long or short bonds raises the price of long bonds and lowers their risk and real return.
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Bibliographic InfoPaper provided by Department of Economics at the University of Washington in its series Discussion Papers in Economics at the University of Washington with number 97-09.
Length: 24 pages
Date of creation: 1997
Date of revision:
INTEREST RATE ; MACROECONOMICS;
Other versions of this item:
- Grinols, Earl L & Turnovsky, Stephen J, 1998. "Consequences of Debt Policy in a Stochastically Growing Monetary Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(2), pages 495-521, May.
- Grinols, E-L & Turnovsky, S-J, 1997. "Consequences of Debt Policy in a Stochastically Growing Monetary Economy," Working Papers 97-09, University of Washington, Department of Economics.
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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