| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9088 |
| DP9088 Public Debt and Redistribution with Borrowing Constraints | |
| Roberto Perotti; Tommaso Monacelli; Florin Bilbiie | |
| 发表日期 | 2012-08-12 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In an economy with financial imperfections, Ricardian equivalence holds when prices are flexible and the steady-state distribution of consumption is uniform, or labor is inelastic. With different steady-state consumption levels, Ricardian equivalence fails, but tax cuts, somewhat paradoxically, are contractionary; the present-value multiplier on consumption is, however, zero. With sticky prices, Ricardian equivalence always fails. A Robin-Hood, revenue-neutral redistribution to borrowers is expansionary on aggregate activity. A uniform cut in taxes financed with public debt has a positive present-value multiplier on consumption, stemming from intertemporal substitution by the savers, who hold the public debt. |
| 主题 | International Macroeconomics |
| 关键词 | Borrowing constraint Public debt Redistribution Tax cuts |
| URL | https://cepr.org/publications/dp9088 |
| 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/537921 |
| 推荐引用方式 GB/T 7714 | Roberto Perotti,Tommaso Monacelli,Florin Bilbiie. DP9088 Public Debt and Redistribution with Borrowing Constraints. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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