| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26177 |
| 来源ID | Working Paper 26177 |
| Persistent Government Debt and Aggregate Risk Distribution | |
| Mariano Max Croce; Thien T. Nguyen; Steve Raymond | |
| 发表日期 | 2019-08-26 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | When government debt is sluggish, consumption exhibits lower expected growth, more long-run uncertainty, and more long-run downside risk. Simultaneously, the risk premium on the consumption claim (Koijen et al. (2010), Lustig et al. (2013)) increases and features more positive (adverse) skewness. We rationalize these findings in an endogenous growth model in which fiscal policy is distortionary, the value of innovation depends on fiscal risk, and the representative agent is sensitive to the resulting distribution of consumption risk. Our model suggests that committing to a rapid reduction of the debt-to-output ratio can enhance the value of innovation, aggregate wealth, and welfare. |
| 主题 | Macroeconomics ; Fiscal Policy ; Financial Economics ; Financial Markets ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w26177 |
| 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/583850 |
| 推荐引用方式 GB/T 7714 | Mariano Max Croce,Thien T. Nguyen,Steve Raymond. Persistent Government Debt and Aggregate Risk Distribution. 2019. |
| 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 | ||
| w26177.pdf（1737KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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