| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24522 |
| 来源ID | Working Paper 24522 |
| Optimal Fiscal Policy without Commitment: Beyond Lucas-Stokey | |
| Davide Debortoli; Ricardo Nunes; Pierre Yared | |
| 发表日期 | 2018-04-23 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | According to the Lucas-Stokey result, a government can structure its debt maturity to guarantee commitment to optimal fiscal policy by future governments. In this paper, we overturn this conclusion, showing that it does not generally hold in the same model and under the same definition of time-consistency as in Lucas-Stokey. Our argument rests on the existence of an overlooked commitment problem that cannot be remedied with debt maturity: a government in the future will not tax on the downward slopping side of the Laffer curve, even if it is ex-ante optimal to do so. In light of this finding, we propose a new framework to characterize time-consistent policy. We consider a Markov Perfect Competitive Equilibrium, where a government reoptimizes sequentially and may deviate from the optimal commitment policy. We find that, in a deterministic economy, any stationary distribution of debt maturity must be flat, with the government owing the same amount at all future dates. |
| 主题 | Macroeconomics ; Fiscal Policy ; Public Economics ; Taxation ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w24522 |
| 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/582195 |
| 推荐引用方式 GB/T 7714 | Davide Debortoli,Ricardo Nunes,Pierre Yared. Optimal Fiscal Policy without Commitment: Beyond Lucas-Stokey. 2018. |
| 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 | ||
| w24522.pdf（431KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
