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Controlling Inflation: The Problem of Non-Indexed Debt

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  • International Monetary Fund

Abstract

We show that the presence of nominal non-indexed government debt could give rise to more than one equilibrium inflation rate. Conditions for this to occur are discussed in terms of ad hoc and micro-founded models. Solutions to the indeterminacy problem are examined; one solution is shown to be price indexation of debt instruments.

Suggested Citation

  • International Monetary Fund, 1988. "Controlling Inflation: The Problem of Non-Indexed Debt," IMF Working Papers 1988/029, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1988/029
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