| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3838 |
| DP3838 Agglomeration and Economic Geography | |
| Jacques-François Thisse; Gianmarco Ottaviano | |
| 发表日期 | 2003-03-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We explore the dynamics of public debt in the presence of political shocks, in the form of shocks to preferences for public spending. Under commitment, optimal stabilization is obtained by combining an inflation target that is contingent on the political shock with a debt target that forces the government to fully absorb the political shock in the period in which it occurs. With only a shock-contingent inflation target, the political shock is spread out over time through debt policy. In the absence of any targets, a conservative central bank can enhance stabilization. If we extend the basic two-period model to an infinite horizon, this result is preserved. Moreover, under rather general circumstances the government tends to decumulate debt over time, so that in the long run all targets (for inflation, output and public spending) are attained. A failure to commit monetary policy introduces an additional distortion into the model, which leads the government to decumulate debt at a faster rate. |
| 主题 | International Macroeconomics |
| 关键词 | Political shocks Public debt Commmitment Discretion Inflation targets Debt targets Central bank conservatism |
| URL | https://cepr.org/publications/dp3838 |
| 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/532822 |
| 推荐引用方式 GB/T 7714 | Jacques-François Thisse,Gianmarco Ottaviano. DP3838 Agglomeration and Economic Geography. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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