Inflating Away the Public Debt? An Empirical Assessment
提出新方法衡量通胀对公共债务实际价值的影响，发现通胀本身不太可能显著降低美国财政负担，因为债务集中在短期且通胀冲击持续性弱、幅度小。
Abstract This paper proposes a new method for measuring the impact of inflation on the real value of public debt. The distribution of debt debasement is based on two inputs: the distribution of privately held nominal debt by maturity, for which we provide new estimates, and the distribution of risk-adjusted inflation dynamics, for which we provide a novel copula estimator using options data. We find that inflation by itself is unlikely to lower the U.S. fiscal burden significantly because debt is concentrated at short maturities and perceived inflation shocks have little short-run persistence and are small.