The Resource Is the quantity of government debt a constraint for monetary policy?, Srobona Mitra
Is the quantity of government debt a constraint for monetary policy?, Srobona Mitra
Resource Information
The item Is the quantity of government debt a constraint for monetary policy?, Srobona Mitra represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.This item is available to borrow from 1 library branch.
Resource Information
The item Is the quantity of government debt a constraint for monetary policy?, Srobona Mitra represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.
This item is available to borrow from 1 library branch.
- Summary
- This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank toward an increase in expected inflation falls as debts increase beyond a certain threshold level. A debt-constrained interest rate rule and the threshold level of debt are jointly estimated for Canada during the first decade of its inflation targeting regime of the 1990s. There are three main findings of this paper. First, a high government debt could constrain monetary policy if government spending, rather than taxes, is expected to adjust in future in line with debt service costs. The 'constraint' operates through an altered policy transmission mechanism through changes in the IS curve. Second, the effects of the debt-constraint on monetary policy are quite different during booms and recessions. Third, empirical estimates show that Canadian monetary policy might have been constrained by a high government debt-GDP ratio during the 1990s. Policy was less loose than what inflation indicators called for
- Language
- eng
- Extent
- 1 online resource (25 pages)
- Note
-
- "March 2007."
- Cover title
- Contents
-
- I. Introduction; II. Existing Literature on the Links between Debt and Monetary Policy; III. A Possible Motivation for the Empirics; IV. Joint Estimation of the Threshold Level of Debt and Interest Rate Rule-the Case of Canada; Empirical model; Data; Estimation results; V. Summary and Conclusions; Appendices ; I. Derivation of Optimal Interest Rate Rule Under Discretionary Policy; References; Figures ; 1. Movements in Some Key Variables in Canada Monthly Data, 1991:11 to 2000:12; 2. J-Statistics for Choosing the Threshold level of Debt; Tables
- Isbn
- 9781283515542
- Label
- Is the quantity of government debt a constraint for monetary policy?
- Title
- Is the quantity of government debt a constraint for monetary policy?
- Statement of responsibility
- Srobona Mitra
- Language
- eng
- Summary
- This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank toward an increase in expected inflation falls as debts increase beyond a certain threshold level. A debt-constrained interest rate rule and the threshold level of debt are jointly estimated for Canada during the first decade of its inflation targeting regime of the 1990s. There are three main findings of this paper. First, a high government debt could constrain monetary policy if government spending, rather than taxes, is expected to adjust in future in line with debt service costs. The 'constraint' operates through an altered policy transmission mechanism through changes in the IS curve. Second, the effects of the debt-constraint on monetary policy are quite different during booms and recessions. Third, empirical estimates show that Canadian monetary policy might have been constrained by a high government debt-GDP ratio during the 1990s. Policy was less loose than what inflation indicators called for
- Action
- digitized
- Cataloging source
- CN8ML
- http://bibfra.me/vocab/lite/collectionName
- IMF eLibrary
- http://library.link/vocab/creatorName
- Mitra, Srobona
- Index
- no index present
- Language note
- English
- LC call number
- HJ793
- LC item number
- .M485 2007 ONLINE
- Literary form
- non fiction
- Nature of contents
-
- dictionaries
- bibliography
- http://library.link/vocab/relatedWorkOrContributorName
- International Monetary Fund
- Series statement
- IMF Working Paper,
- Series volume
- WP/07/62
- http://library.link/vocab/subjectName
-
- Fiscal policy
- Monetary policy
- Economic history
- Fiscal policy
- Monetary policy
- Canada
- Canada
- Label
- Is the quantity of government debt a constraint for monetary policy?, Srobona Mitra
- Note
-
- "March 2007."
- Cover title
- Bibliography note
- Includes bibliographical references (pages 21-22)
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier
- Color
- multicolored
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent
- Contents
- I. Introduction; II. Existing Literature on the Links between Debt and Monetary Policy; III. A Possible Motivation for the Empirics; IV. Joint Estimation of the Threshold Level of Debt and Interest Rate Rule-the Case of Canada; Empirical model; Data; Estimation results; V. Summary and Conclusions; Appendices ; I. Derivation of Optimal Interest Rate Rule Under Discretionary Policy; References; Figures ; 1. Movements in Some Key Variables in Canada Monthly Data, 1991:11 to 2000:12; 2. J-Statistics for Choosing the Threshold level of Debt; Tables
- Control code
- 314190694
- Dimensions
- unknown
- Extent
- 1 online resource (25 pages)
- Form of item
- online
- Isbn
- 9781283515542
- Issn
- 2227-8885
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other control number
- 10.5089/9781451910797.001
- Reproduction note
- Electronic reproduction.
- Specific material designation
- remote
- System control number
- (OCoLC)314190694
- System details
- Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
- Label
- Is the quantity of government debt a constraint for monetary policy?, Srobona Mitra
- Note
-
- "March 2007."
- Cover title
- Bibliography note
- Includes bibliographical references (pages 21-22)
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier
- Color
- multicolored
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent
- Contents
- I. Introduction; II. Existing Literature on the Links between Debt and Monetary Policy; III. A Possible Motivation for the Empirics; IV. Joint Estimation of the Threshold Level of Debt and Interest Rate Rule-the Case of Canada; Empirical model; Data; Estimation results; V. Summary and Conclusions; Appendices ; I. Derivation of Optimal Interest Rate Rule Under Discretionary Policy; References; Figures ; 1. Movements in Some Key Variables in Canada Monthly Data, 1991:11 to 2000:12; 2. J-Statistics for Choosing the Threshold level of Debt; Tables
- Control code
- 314190694
- Dimensions
- unknown
- Extent
- 1 online resource (25 pages)
- Form of item
- online
- Isbn
- 9781283515542
- Issn
- 2227-8885
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other control number
- 10.5089/9781451910797.001
- Reproduction note
- Electronic reproduction.
- Specific material designation
- remote
- System control number
- (OCoLC)314190694
- System details
- Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.sandiego.edu/portal/Is-the-quantity-of-government-debt-a-constraint/KEP59gIS-Ww/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.sandiego.edu/portal/Is-the-quantity-of-government-debt-a-constraint/KEP59gIS-Ww/">Is the quantity of government debt a constraint for monetary policy?, Srobona Mitra</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.sandiego.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.sandiego.edu/">University of San Diego Libraries</a></span></span></span></span></div>
