| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16304 |
| DP16304 Manufacturing Risk-free Government Debt | |
| Zhengyang Jiang; Hanno Lustig; Stijn Van Nieuwerburgh; Mindy Xiaolan | |
| 发表日期 | 2021-06-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Governments face a trade-off between insuring bondholders and insuring taxpayers against output shocks. If they insure bondholders by manufacturing risk-free zero-beta debt, then they can only provide limited insurance to taxpayers. Taxpayers will pay more taxes in bad times regardless of whether output shocks are permanent or temporary. Permanent shocks impute long-run output risk to the debt while transitory shocks impute interest rate risk, all of which must be offset through taxation to keep the debt safe. Conversely, if governments insure taxpayers against adverse macro shocks, then the debt becomes risky. Convenience yields on government debt temporarily alleviate the trade-off. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Public Economics |
| 关键词 | Fiscal policy Term structure Debt maturity Convenience yield |
| URL | https://cepr.org/publications/dp16304 |
| 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/545269 |
| 推荐引用方式 GB/T 7714 | Zhengyang Jiang,Hanno Lustig,Stijn Van Nieuwerburgh,et al. DP16304 Manufacturing Risk-free Government Debt. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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