Discount Rates, Debt Maturity, and the Fiscal Theory
研究政府债务期限操作如何通过风险溢价影响预期通胀和产出，取决于货币/财政政策立场，并在校准的宏观金融模型中展示了显著效果。
ABSTRACT This paper examines how the transmission of government portfolio risk arising from maturity operations depends on the stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government portfolio to affect expected inflation, even in a frictionless economy. The effects of maturity rebalancing on expected inflation in the fiscal theory depend directly on the conditional nominal term premium, giving rise to an optimal debt‐maturity policy that is state‐dependent. In a calibrated macrofinance model, we demonstrate that maturity operations have sizable effects on expected inflation and output through our novel risk transmission mechanism.