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  • 标题:Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting
  • 本地全文:下载
  • 作者:Kevin Sheedy
  • 期刊名称:CEP Discussion Paper
  • 出版年度:2013
  • 卷号:2013
  • 语种:English
  • 出版社:Centre for Economic Performance
  • 摘要:Financial markets are incomplete, thus for many agents borrowing is possible only by accepting a financial contract that specifies a fixed repayment. However, the future income that will repay this debt is uncertain, so risk can be inefficiently distributed. This paper argues that a monetary policy of nominal GDP targeting can improve the functioning of incomplete financial markets when incomplete contracts are written in terms of money. By insulating agents' nominal incomes from aggregate real shocks, this policy effectively completes the market by stabilizing the ratio of debt to income. The paper argues that the objective of nominal GDP should receive substantial weight even in an environment with other frictions that have been used to justify a policy of strict inflation targeting.
  • 关键词:incomplete markets;heterogeneous agents;risk sharing;nominal GDP targeting
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