G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w28002
来源IDWorking Paper 28002
r Minus g
Robert J. Barro
发表日期2020-10-26
出版年2020
语种英语
摘要Long-term data show that the dynamic efficiency condition `r>g` holds when `g` is represented by the average growth rate of real GDP if `r` is the average real rate of return on equity, `E(r^e)`, but not if `r` is the risk-free rate, `r^f`. This pattern accords with a simple disaster-risk model calibrated to fit observed equity premia. If Ponzi (chain-letter) finance by private agents and the government are precluded, the equilibrium can feature `r^f≤E(g)`, a result that does not signal dynamic inefficiency. In contrast, `E(r^e)>E(g)` is required for dynamic efficiency, implied by the model, and consistent with the data. The model satisfies Ricardian Equivalence because, without Ponzi finance by the government, a rise in safe assets from increased public debt is matched by an increase in the safe (that is, certain) present value of liabilities associated with net taxes.
主题Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Development and Growth ; Growth and Productivity
URLhttps://www.nber.org/papers/w28002
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/585675
推荐引用方式
GB/T 7714
Robert J. Barro. r Minus g. 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
w28002.pdf(444KB)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
[Robert J. Barro]的文章
百度学术
百度学术中相似的文章
[Robert J. Barro]的文章
必应学术
必应学术中相似的文章
[Robert J. Barro]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w28002.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。