Inflation targeting under fiscal fragility
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , , |
Tipo de documento: | Artigo de conferência |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/31122 |
Resumo: | Indebted policymakers have a limited budget and are subject to inflationary shocks forcing them to either (i) increase interest rate to have inflation on the pre-announced target or (ii) accept higher inflation. We model the inter-temporal trade-off between fiscal and monetary policy when forward-looking, rational, and fully informed agents finance public deficits. We show that a high public-debt level opens the doors to adverse expectations, pressuring nominal interest rates and leading to target-coordination failure. Our parsimonious model with a single confidence shock supports the policy actions observed in the aftermath of the 2002 Brazilian crisis characterised by inflation expectations overshooting the target. First, a higher target level to restore coordination. Second, both a gradual reduction of debt-to-GDP, to improve fiscal strength, and an increase of the share of the public debt with pre-fixed interest rates as opposed to indexed debt. Finally, we find empirical evidence of higher debt levels and lower inflation targets increasing both the probability to overshoot the inflation target and increasing the size of the deviation from the target. |
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Araújo, Aloísio Pessoa deSantos, RafaelLins, Paulo de CarvalhoValk, Serge deEscolas::EPGEDemais unidades::RPCA2021-09-23T13:19:00Z2021-09-23T13:19:00Z2020-07https://hdl.handle.net/10438/31122Indebted policymakers have a limited budget and are subject to inflationary shocks forcing them to either (i) increase interest rate to have inflation on the pre-announced target or (ii) accept higher inflation. We model the inter-temporal trade-off between fiscal and monetary policy when forward-looking, rational, and fully informed agents finance public deficits. We show that a high public-debt level opens the doors to adverse expectations, pressuring nominal interest rates and leading to target-coordination failure. Our parsimonious model with a single confidence shock supports the policy actions observed in the aftermath of the 2002 Brazilian crisis characterised by inflation expectations overshooting the target. First, a higher target level to restore coordination. Second, both a gradual reduction of debt-to-GDP, to improve fiscal strength, and an increase of the share of the public debt with pre-fixed interest rates as opposed to indexed debt. Finally, we find empirical evidence of higher debt levels and lower inflation targets increasing both the probability to overshoot the inflation target and increasing the size of the deviation from the target.engMonetary policyFiscal policyDebt policyEconomiaPolítica monetáriaPolítica fiscalInflation targeting under fiscal fragilityinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/conferenceObjectreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessMacroeconomia em momentos de quase Dominância Fiscal: Modelos e SimulaçõesProjetos de Pesquisa AplicadaORIGINALPaper_Inflation_targeting_under_fiscal_fragility.pdfPaper_Inflation_targeting_under_fiscal_fragility.pdfapplication/pdf645279https://repositorio.fgv.br/bitstreams/881c09e4-5709-423c-84b3-5afea820ea69/downloadf9557143424655056d0ad07409dc3a00MD51Optimal Target.pdfOptimal 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dc.title.eng.fl_str_mv |
Inflation targeting under fiscal fragility |
title |
Inflation targeting under fiscal fragility |
spellingShingle |
Inflation targeting under fiscal fragility Araújo, Aloísio Pessoa de Monetary policy Fiscal policy Debt policy Economia Política monetária Política fiscal |
title_short |
Inflation targeting under fiscal fragility |
title_full |
Inflation targeting under fiscal fragility |
title_fullStr |
Inflation targeting under fiscal fragility |
title_full_unstemmed |
Inflation targeting under fiscal fragility |
title_sort |
Inflation targeting under fiscal fragility |
author |
Araújo, Aloísio Pessoa de |
author_facet |
Araújo, Aloísio Pessoa de Santos, Rafael Lins, Paulo de Carvalho Valk, Serge de |
author_role |
author |
author2 |
Santos, Rafael Lins, Paulo de Carvalho Valk, Serge de |
author2_role |
author author author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE Demais unidades::RPCA |
dc.contributor.author.fl_str_mv |
Araújo, Aloísio Pessoa de Santos, Rafael Lins, Paulo de Carvalho Valk, Serge de |
dc.subject.por.fl_str_mv |
Monetary policy Fiscal policy Debt policy |
topic |
Monetary policy Fiscal policy Debt policy Economia Política monetária Política fiscal |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Política monetária Política fiscal |
description |
Indebted policymakers have a limited budget and are subject to inflationary shocks forcing them to either (i) increase interest rate to have inflation on the pre-announced target or (ii) accept higher inflation. We model the inter-temporal trade-off between fiscal and monetary policy when forward-looking, rational, and fully informed agents finance public deficits. We show that a high public-debt level opens the doors to adverse expectations, pressuring nominal interest rates and leading to target-coordination failure. Our parsimonious model with a single confidence shock supports the policy actions observed in the aftermath of the 2002 Brazilian crisis characterised by inflation expectations overshooting the target. First, a higher target level to restore coordination. Second, both a gradual reduction of debt-to-GDP, to improve fiscal strength, and an increase of the share of the public debt with pre-fixed interest rates as opposed to indexed debt. Finally, we find empirical evidence of higher debt levels and lower inflation targets increasing both the probability to overshoot the inflation target and increasing the size of the deviation from the target. |
publishDate |
2020 |
dc.date.issued.fl_str_mv |
2020-07 |
dc.date.accessioned.fl_str_mv |
2021-09-23T13:19:00Z |
dc.date.available.fl_str_mv |
2021-09-23T13:19:00Z |
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https://hdl.handle.net/10438/31122 |
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https://hdl.handle.net/10438/31122 |
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eng |
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eng |
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eu_rights_str_mv |
openAccess |
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