The Fiscal Roots of Inflation
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https://www.nber.org/papers/w25811
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Unexpected inflation devalues nominal government bonds. It must therefore correspond to a decline in expected future surpluses, or a rise in their discount rates, so that the real value of debt equals the present value of surpluses. I measure each component using a vector autoregression, via
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美国国家经济研究局创建时间：
2019-05-01
