| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3011 |
| DP3011 Divisionalization in Vertical Structures | |
| Ramon Faulí-Oller; Lluís Bru; José-Manuel Ordóñez de Haro | |
| 发表日期 | 2001-10-23 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | The aim of this Paper is to test for the extent of incompleteness in the market for US Government debt. We show that when a government pursues an optimal tax policy and issues a full set of contingent claims, the value of debt has the same or less persistence than other variables in the economy and declines in response to higher government expenditure shocks. Examining US data, however, reveals that debt is substantially more persistent than other variables and increases in response to adverse expenditure shocks. We show that this behaviour is best accounted for by a model of incomplete markets, where governments only issue one-period risk-free bonds. We discuss the implications of this for the optimality of debt limits, debt management and assessing the sustainability of fiscal policy. |
| 主题 | International Macroeconomics |
| 关键词 | Bond markets Debt Deficits Fiscal policy Optimal taxation |
| URL | https://cepr.org/publications/dp3011 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532041 |
| 推荐引用方式 GB/T 7714 | Ramon Faulí-Oller,Lluís Bru,José-Manuel Ordóñez de Haro. DP3011 Divisionalization in Vertical Structures. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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