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- W2096217331 endingPage "373" @default.
- W2096217331 startingPage "301" @default.
- W2096217331 abstract "For many households borrowing is possible only by accepting a financial contract that specifies a fixed repayment stream. However, the future income that will repay this debt is uncertain, so risk can be inefficiently distributed. This paper shows that when debt contracts are written in terms of money, a monetary policy of nominal GDP targeting improves the functioning of financial markets. By insulating households’ nominal incomes from aggregate real shocks, this policy effectively achieves risk sharing by stabilizing the ratio of debt to income. The paper also shows that when there is price stickiness, the objective of improving risk sharing should still receive considerable weight in the conduct of monetary policy relative to stabilizing inflation." @default.
- W2096217331 created "2016-06-24" @default.
- W2096217331 creator A5009464787 @default.
- W2096217331 date "2014-01-01" @default.
- W2096217331 modified "2023-10-17" @default.
- W2096217331 title "Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting" @default.
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