Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)
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This paper develops a New Keynesian model with sovereign default risk. Inflation is set by forward-looking firms, monetary policy is an interest rate rule, and the fiscal government borrows externally, long-term, with an option to default. In this framework, default risk creates inflation pressures
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美国国家经济研究局创建时间：
2020-01-01
