Consequences of Debt Policy in a Stochastically Growing Monetary Economy

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Consequences of Debt Policy in a Stochastically Growing Monetary Economy

Author Info

Grinols, E-L
Turnovsky, S-J

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Stephen J Turnovsky

Abstract

The 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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Paper provided by University of Washington, Department of Economics in its series Working Papers with number 97-09.

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Length: 24 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:udb:wpaper:97-09

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Other versions of this item:

Article
- 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.
Paper
- Grinols, E-L & Turnovsky, S-J, 1997. "Consequences of Debt Policy in a Stochastically Growing Monetary Economy," Discussion Papers in Economics at the University of Washington 97-09, Department of Economics at the University of Washington.

Find related papers by JEL classification:
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Klaus, WAELDE, 2003. "Endogenous growth cycles," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 15 Mar 2004. [Downloadable!]
Other versions:
- Klaus Wälde, 2005. "Endogenous Growth Cycles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 867-894, 08. [Downloadable!] (restricted)

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