| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w28002
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| 来源ID | Working Paper 28002
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| r Minus g |
| Robert J. Barro
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| 发表日期 | 2020-10-26
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| 出版年 | 2020
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| 语种 | 英语
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| 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
|
| URL | https://www.nber.org/papers/w28002
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585675
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推荐引用方式
GB/T 7714 |
Robert J. Barro. r Minus g. 2020.
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文件名：
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w28002.pdf
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格式：
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Adobe PDF
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