| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18800 |
| 来源ID | Working Paper 18800 |
| Optimal Public Debt Management and Liquidity Provision | |
| George-Marios Angeletos; Fabrice Collard; Harris Dellas; Behzad Diba | |
| 发表日期 | 2013-02-15 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We study the Ramsey policy problem in an economy in which firms face a collateral constraint. Issuing more public debt alleviates this friction by increasing the aggregate quantity of collateral. In so doing, however, the issuance of more debt also raises interest rates, which in turn increases the tax burden of servicing the entire outstanding debt. We first document how this trade-off upsets the optimality of tax smoothing and, in contrast to the standard paradigm, helps induce a unique and stable steady-state level of debt in the deterministic version of the model. We next study the optimal policy response to fiscal and financial shocks in the stochastic version. We finally show how the results extend to a variant model in which the financial friction afflicts consumers rather than firms. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Fiscal Policy ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w18800 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576475 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Fabrice Collard,Harris Dellas,et al. Optimal Public Debt Management and Liquidity Provision. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18800.pdf（764KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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