| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13922 |
| DP13922 Persistent Government Debt and Aggregate Risk Distribution | |
| Mariano Massimiliano Croce; Thien Nguyen; Steve Raymond | |
| 发表日期 | 2019-08-09 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | When government debt is sluggish, consumption exhibits lower expected growth, more long-run uncertainty, and more long-run downside risk. Simultaneously, the risk premium on the consumption claim (Koijen et al. (2010), Lustig et al. (2013)) increases and features more positive (adverse) skewness. We rationalize these findings in an endogenous growth model in which fiscal policy is distortionary, the value of innovation depends on fiscal risk, and the representative agent is sensitive to the resulting distribution of consumption risk. Our model suggests that committing to a rapid reduction of the debt-to-output ratio can enhance the value of innovation, aggregate wealth, and welfare. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Public Economics |
| 关键词 | Fiscal policy Endogenous growth risk Asset prices |
| URL | https://cepr.org/publications/dp13922 |
| 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/542803 |
| 推荐引用方式 GB/T 7714 | Mariano Massimiliano Croce,Thien Nguyen,Steve Raymond. DP13922 Persistent Government Debt and Aggregate Risk Distribution. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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