Search Results
Journal Article
Should the U.S. government issue index bonds?
Conference Paper
Indexation and contract length in unionized U.S. manufacturing
Working Paper
Indexed debt contracts and the financial accelerator
This paper addresses the positive and normative implications of indexing risky debt to observable aggregate conditions. These issues are pursued within the context of the celebrated financial accelerator model of Bernanke, Gertler and Gilchrist (1999). The principal conclusions are that the optimal degree of indexation is significant, and that the business cycle properties of the model are altered under this level of indexation.
Working Paper
Estimating the cost of U.S. indexed bonds
A presentation of an equilibrium bond-pricing model driven by two stochastic factors: the real interest rate and the expected rate of inflation. The models parameters are estimated using a maximum-likelihood technique based on a Kalman filter.
Working Paper
Bracket creep in the age of indexing: have we solved the problem?
An examination of the inflation-indexing provisions contained in the Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986.
Working Paper
Is foreign-currency indexed debt a commitment technology? Some evidence from Brazil and Mexico
We examine the effects of foreign currency-indexed debt upon inflationary expectations in Brazil and Mexico. Conjecturing that markets will view increasing overhangs of foreign currency-indexed debt as a commitment technology that fiscally punishes devaluation, we test whether increasing such overhangs will attenuate the effect of monetary growth upon inflationary expectations. We find some econometric confirmation of these conjectures in both the Brazilian and Mexican cases. Finding that the results are consistent with the notion that increasing the share of dollar indexed debt may also ...
Journal Article
Grading TIPS : an "I" for incomplete
Journal Article
Indexation: a way out?
Journal Article
Inflation-indexed bonds