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Management of the Nominal Public Debt Theory and Applications

Author

Listed:
  • Mr. Pablo Emilio Guidotti
  • Mr. Guillermo Calvo

Abstract

Optimal management of the public debt is explored in a context where economic policy is continuously revised because, when the public debt is non—indexed, policy—makers are tempted to use inflation in order to reduce the real value of the public debt. The model’s implications are explored following two approaches. First, the effects of various exogenous disturbances are examined by means of numerical simulations. Secondly, the analysis explores—for Italy, Ireland, and the United States—if the model’s implications concerning the maturity structure of government debt are consistent with actual experience.

Suggested Citation

  • Mr. Pablo Emilio Guidotti & Mr. Guillermo Calvo, 1990. "Management of the Nominal Public Debt Theory and Applications," IMF Working Papers 1990/115, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/115
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    Citations

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    Cited by:

    1. Herrera, Santiago, 2000. "Determinantes y composición del endeudamiento público en Colombia," IDB Publications (Working Papers) 2110, Inter-American Development Bank.
    2. Westerhout, Ed, 2021. "Inflation-Linked Bonds, Nominal Bonds, and Countercyclical Monetary Policies," Other publications TiSEM ee384b1f-4e6f-4f30-821e-d, Tilburg University, School of Economics and Management.
    3. Gabriel Caldas Montes & Paulo henrique Luna, 2021. "Effects of discretionary fiscal policy and fiscal communication on fiscal credibility: Empirical evidence from Brazil," Economics Bulletin, AccessEcon, vol. 41(3), pages 1486-1500.
    4. Westerhout, Ed, 2021. "Inflation-Linked Bonds, Nominal Bonds, and Countercyclical Monetary Policies," Discussion Paper 2021-001, Tilburg University, Center for Economic Research.
    5. Santiago Herrera, 2000. "Determinantes y Composición del Endeudamiento Público en Colombia," Research Department Publications 3105, Inter-American Development Bank, Research Department.
    6. Yves Nosbusch, 2008. "Interest Costs and the Optimal Maturity Structure Of Government Debt," Economic Journal, Royal Economic Society, vol. 118(527), pages 477-498, March.
    7. Michael Papaioannou, 2011. "Sovereign debt portfolios: risks and liability management operations," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 16(3), pages 354-360.

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