| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15950 |
| DP15950 The constraint on public debt when r < g but g < m | |
| [unavailable] | |
| 发表日期 | 2021-03-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | With real interest rates below the growth rate of the economy, but the marginal product of capital above it, the public debt can be lower than the present value of primary surpluses because of a bubble premia on the debt. The government can run a deficit forever. In a model that endogenizes the bubble premium as arising from the safety and liquidity of public debt, more government spending requires a larger bubble premium, but because people want to hold less debt, there is an upper limit on spending. Inflation reduces the fiscal space, financial repression increases it, and redistribution of wealth or income taxation have an unconventional effect on fiscal capacity through the bubble premium. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Debt limits Debt sustainability Incomplete markets Misallocation |
| URL | https://cepr.org/publications/dp15950 |
| 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/544940 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP15950 The constraint on public debt when r < g but g < m. 2021. |
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