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dc.contributor.authorSolveen, Ralphen_US
dc.date.accessioned2011-06-30T15:13:01Z-
dc.date.available2011-06-30T15:13:01Z-
dc.date.issued1996en_US
dc.identifier.urihttp://hdl.handle.net/10419/47141-
dc.language.isogeren_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel Working Papers 750en_US
dc.subject.jelC22en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwZentralbankautonomieen_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwHaushaltsdefiziten_US
dc.subject.stwInflationen_US
dc.subject.stwOECD-Staatenen_US
dc.subject.stwTheorieen_US
dc.titleGeldpolitik und Staatsverschuldung - welche Rolle spielt die Unabhängigkeit der Notenbank?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn257725911en_US
dc.description.abstracttransTwo theoretical modeis are developed. Both describe the connection between public debt and inflation. In the first one, monetary policy inflates the economy to rcduce the bürden of existing debt. In the second one, the causality runs directly from the level of public debt to inflation via a change in the velocity of money. In both modeis the independence of the central bank influences the level of public debt, the elasticity of inflation with respect to the amount of public debt and the reaction of monetary policy to rising debt. In the next part of the paper it is tested for these theses. The results are rather mixed. There seems to bc a corrclation between the degree of independence of the central bank and the level of public debt. Furthermore weak evidence is found of the independence of the central bank influencing the rclation between the level of debt and inflation. No evidence is found, however, that independent central banks react more restrictive to rising structural deficits than dependent ones.en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Kieler Arbeitspapiere, IfW
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