G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15950
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
URLhttps://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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