Econ Papers Daily / 期刊论文
财政纪律、名义债务期限与灵活价格下的泰勒原则
Fiscal discipline, nominal debt maturity, and the Taylor principle under flexible prices
摘要
This paper studies how nominal debt maturity alters local equilibrium determinacy under flexible prices when fiscal policy returns the face-value debt ratio to a target and monetary policy follows a Taylor rule. With inherited nominal liabilities, the initial price level changes the real debt burden. Long-bond prices then transmit expected interest rates into issuance costs and public-investment adjustment. Determinacy requires inflation feedback to exceed one but remain below a maturity-dependent upper bound; sufficiently aggressive feedback is destabilizing. If the initial real debt ratio is predetermined, the lower-bound orientation returns, but the cutoff remains maturity-dependent. A two-maturity extension shows that debt composition shifts the admissible policy interval, while a separately normalized par short-debt economy is locally indeterminate under the baseline timing. The model admits balanced growth, satisfies the growth-adjusted transversality condition, and can be implemented with explicit money demand and central-bank operations; the cashless specification is its regular limit.
中文摘要
本文研究在弹性价格下，当财政政策将面值债务比率回归至目标水平、货币政策遵循泰勒规则时，名义债务期限如何改变局部均衡确定性。在存在继承性名义负债的情况下，初始价格水平会改变实际债务负担。长期债券价格随后将预期利率传导至发行成本和公共投资调整之中。确定性要求通胀反馈超过1，但保持在依赖于期限的上界之下；足够激进的反馈会破坏稳定。若初始实际债务比率是预先确定的，则下界导向重新出现，但临界值仍依赖于期限。一个两期限扩展表明，债务构成会移动可容许的政策区间，而在基准时序下，一个单独标准化的面值短期债务经济是局部不确定的。该模型允许平衡增长，满足增长调整后的横截性条件，并可通过显性货币需求和中央银行操作加以实施；无现金设定是其正则极限。