G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w27786
来源IDWorking Paper 27786
Manufacturing Risk-free Government Debt
Zhengyang Jiang; Hanno Lustig; Stijn Van Nieuwerburgh; Mindy Z. Xiaolan
发表日期2020-09-07
出版年2020
语种英语
摘要Governments face a trade-off between insuring bondholders and insuring taxpayers against output risk. If they insure bondholders by manufacturing risk-free zero-beta debt, then their capacity to insure taxpayers by lowering tax rates or raising government spending during recessions is limited. Using asset pricing tools, we develop a sufficient statistic for taxpayer insurance possibilities over different horizons, and characterize it analytically as a function of the debt/output, spending/output, and pricing kernel dynamics. With permanent shocks, taxpayers can only be insured over short horizons through counter-cyclical debt issuance. The horizon shrinks as the debt/output ratio reverts faster to its mean. The trade-off worsens if the output shocks are transitory instead of permanent. As the world’s safe asset supplier, the U.S. relies on strongly counter-cyclical debt issuance to provide more short-run insurance to its taxpayers.
主题International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Public Economics ; National Fiscal Issues
URLhttps://www.nber.org/papers/w27786
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/585457
推荐引用方式
GB/T 7714
Zhengyang Jiang,Hanno Lustig,Stijn Van Nieuwerburgh,et al. Manufacturing Risk-free Government Debt. 2020.
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
w27786.pdf(548KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Zhengyang Jiang]的文章
[Hanno Lustig]的文章
[Stijn Van Nieuwerburgh]的文章
百度学术
百度学术中相似的文章
[Zhengyang Jiang]的文章
[Hanno Lustig]的文章
[Stijn Van Nieuwerburgh]的文章
必应学术
必应学术中相似的文章
[Zhengyang Jiang]的文章
[Hanno Lustig]的文章
[Stijn Van Nieuwerburgh]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w27786.pdf
格式: Adobe PDF
此文件暂不支持浏览

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。