| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6897 |
| DP6897 A Comparison of Debt and Primary-deficit Constraints | |
| Roel Beetsma; Andreas Schabert; Marcos Poplawski Ribeiro | |
| 发表日期 | 2008-07-04 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into account how an optimizing government reacts to the different constraints when deciding on a spending and borrowing plan. We find that the economy behaves similarly under both constraints, although for our benchmark calibration welfare is higher under the debt constraint. Further, the debt constraint is more robust against changes in the interest rate. Our results lend support to the enhanced focus on the public debt after the recent reform of the Stability and Growth Pact. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal constraints Myopia Social welfare Stability and growth pact |
| URL | https://cepr.org/publications/dp6897 |
| 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/535733 |
| 推荐引用方式 GB/T 7714 | Roel Beetsma,Andreas Schabert,Marcos Poplawski Ribeiro. DP6897 A Comparison of Debt and Primary-deficit Constraints. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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