Is the Quantity of Government Debt a Constraint for Monetary Policy?

Is the Quantity of Government Debt a Constraint for Monetary Policy?
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... READ MORE...

Publication date: March 2007
ISBN 9781451866261
$18.00

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