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Which Improves Welfare More: Nominal or Indexed Bond?

  • Magill, M.
  • Quinzii, M.

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, substitutes another, arising from fluctuations in relative prices of goods. We present a theoretical framework which allows to assess, in a general equilibrium framework, the relative merits of a nominal versus an indexed bond.

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Paper provided by California Davis - Department of Economics in its series Department of Economics with number 95-20.

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Length: 43 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:caldec:95-20
Contact details of provider: Postal: University of California Davis - Department of Economics. One Shields Ave., California 95616-8578
Phone: (530) 752-0741
Fax: (530) 752-9382
Web page: http://www.econ.ucdavis.edu/
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