| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17529 |
| DP17529 Public Debt and the Balance Sheet of the Private Sector | |
| Hans Gersbach; Jean Charles Rochet; Ernst-Ludwig von Thadden | |
| 发表日期 | 2022-08-04 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper studies the sustainability and distributive effects of fiscal policy in a simple model with incomplete financial markets and heterogeneous agents. The model features households and firms, which face non-insurable idiosyncratic productivity shocks. There is only one financial asset, namely risk free debt, issued by the firms and the government, and bought by households. Higher government debt changes the balance sheet of the private sector by boosting corporate equity, increases the risk free rate r, and reduces the growth rate of output g. It is always optimal to issue government debt and by choosing the appropriate combination of public debt, taxes, and subsidies, the government can implement the constrained social welfare optimum. The weight of firms and their owners in the government's welfare function determines whether r < g or r > g at the optimum. The dynamics of the economy is quite different in these two regimes. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Public Economics |
| 关键词 | Incomplete financial markets Debt Interest Growth Heterogeneous agents |
| URL | https://cepr.org/publications/dp17529 |
| 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/546614 |
| 推荐引用方式 GB/T 7714 | Hans Gersbach,Jean Charles Rochet,Ernst-Ludwig von Thadden. DP17529 Public Debt and the Balance Sheet of the Private Sector. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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