| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12770 |
| DP12770 The Household Fallacy | |
| Roger Farmer; Pawel Zabczyk | |
| 发表日期 | 2018-03-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We refer to the idea that government must 'tighten its belt' as a necessary policy response to higher indebtedness as the household fallacy. We provide a reason to be skeptical of this claim that holds even if the economy always operates at full employment and all markets clear. Our argument rests on the fact that, in an overlapping-generations (OLG) model, changes in government debt cause changes in the real interest rate that redistribute the burden of repayment across generations. We do not rely on the assumption that the equilibrium is dynamically inefficient, and our argument holds in a version of the OLG model where the real interest rate is always positive. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp12770 |
| 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/541579 |
| 推荐引用方式 GB/T 7714 | Roger Farmer,Pawel Zabczyk. DP12770 The Household Fallacy. 2018. |
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