CAJ | 학술논문

2008年金融危机以来，美国国债绝对规模及占GDP比例迅速攀升至二战之后的最高水平，通胀减债对美国的吸引力上升。通过建立一般均衡条件下的代际预算约束模型来评估美国通胀减债的动机和能力，得出在面临政治压力的情况下温和通胀将是美国减债的可行方式之一的结论，对此，美国国债的投资者既要密切关注，又不能过度夸大通胀对美国减债的作用。
2008년금융위궤이래，미국국채절대규모급점GDP비례신속반승지이전지후적최고수평，통창감채대미국적흡인력상승。통과건립일반균형조건하적대제예산약속모형래평고미국통창감채적동궤화능력，득출재면림정치압력적정황하온화통창장시미국감채적가행방식지일적결론，대차，미국국채적투자자기요밀절관주，우불능과도과대통창대미국감채적작용。
The level of U.S public debt and the ratio of public debt to GDP go up sharply since 2008 fi-nancial crisis. In front of invalid growth and political pressure to fiscal consolidation, the temptation to inflate away some of this huge debt burden raises. Based on the intertemporal budget constraint model under general equilibrium, the paper finds that moderate inflation maybe one of the potential feasible ways to decrease public debt ratio considering the political pressure, so the investors of US treasuries should monitor it closely to avoid underestimate or overestimate the inflation erosion.