全球智库信息集成服务系统(G2TT): The Household Fallacy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24393
来源ID	Working Paper 24393
	The Household Fallacy
	Roger Farmer; Pawel Zabczyk
发表日期	2018-03-12
出版年	2018
语种	英语
摘要	We refer to the idea that government must 'tighten its belt' as a necessary policy response to higher indebtedness as the household fallacy. We provide a reason to be skeptical of this claim that holds even if the economy always operates at full employment and all markets clear. Our argument rests on the fact that, in an overlapping-generations (OLG) model, changes in government debt cause changes in the real interest rate that redistribute the burden of repayment across generations. We do not rely on the assumption that the equilibrium is dynamically inefficient, and our argument holds in a version of the OLG model where the real interest rate is always positive.
主题	Macroeconomics ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w24393
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/582067
推荐引用方式 GB/T 7714	Roger Farmer,Pawel Zabczyk. The Household Fallacy. 2018.