I compare the direct issuance costs of inflation-linked debt (the liquidity premium) with nominal government debt (the inflation risk premium) in developed countries. On average, it is cheaper to issue nominal debt at medium maturities (5–10 years) and inflation-linked debt at long maturities (20 or more years), although results vary somewhat based on whether survey-based or statistical inflation expectations are used. Issuance costs exhibit pronounced time and cross-country variation. Lower inflation-linked debt issuance costs are associated with more countercyclical inflation and higher proportions of inflation-linked debt. International inflation-linked zero-coupon yields are available as an Internet Appendix to this paper. (JEL E31, E43, G12, G15, H30, H63) Received November 22, 2018; editorial decision March 9, 2021 by Editor Jeffrey Pontiff. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

中文翻译：

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何时何地发行与通胀挂钩的债务更便宜？

我比较了发达国家与通胀挂钩的债务（流动性溢价）与名义政府债务（通胀风险溢价）的直接发行成本。平均而言，发行中等期限（5-10 年）的名义债务和长期（20 年或更长时间）与通胀挂钩的债务更便宜，尽管结果会因使用基于调查或统计的通胀预期而有所不同. 发行成本表现出明显的时间和跨国差异。较低的通胀挂钩债务发行成本与更多的反周期通胀和较高比例的通胀挂钩债务相关。国际通胀挂钩的零息票收益率可作为本文的互联网附录获得。（JEL E31、E43、G12、G15、H30、H63）2018 年 11 月 22 日收到；编辑决定于 2021 年 3 月 9 日由编辑 Jeffrey Pontiff 作出。