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来源类型Working Paper
规范类型报告
DOI10.3386/w20632
来源IDWorking Paper 20632
Optimal Time-Consistent Government Debt Maturity
Davide Debortoli; Ricardo Nunes; Pierre Yared
发表日期2014-11-03
出版年2014
语种英语
摘要This paper develops a model of optimal government debt maturity in which the government cannot issue state-contingent bonds and cannot commit to fiscal policy. If the government can perfectly commit, it fully insulates the economy against government spending shocks by purchasing short-term assets and issuing long-term debt. These positions are quantitatively very large relative to GDP and do not need to be actively managed by the government. Our main result is that these conclusions are not robust to the introduction of lack of commitment. Under lack of commitment, large and tilted positions are very expensive to finance ex-ante since they exacerbate the problem of lack of commitment ex-post. In contrast, a flat maturity structure minimizes the cost of lack of commitment, though it also limits insurance and increases the volatility of fiscal policy distortions. We show that the optimal time-consistent maturity structure is nearly flat because reducing average borrowing costs is quantitatively more important for welfare than reducing fiscal policy volatility. Thus, under lack of commitment, the government actively manages its debt positions and can approximate optimal policy by confining its debt instruments to consols.
主题Macroeconomics ; Fiscal Policy ; Public Economics ; Taxation ; National Fiscal Issues
URLhttps://www.nber.org/papers/w20632
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/578307
推荐引用方式
GB/T 7714
Davide Debortoli,Ricardo Nunes,Pierre Yared. Optimal Time-Consistent Government Debt Maturity. 2014.
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