| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28951 |
| 来源ID | Working Paper 28951 |
| When Interest Rates Go Low, Should Public Debt Go High? | |
| Johannes Brumm; Xiangyu Feng; Laurence J. Kotlikoff; Felix Kubler | |
| 发表日期 | 2021-06-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Is deficit finance, explicit or implicit, free when borrowing rates are routinely lower than growth rates? Specifically, can the government make all generations better off by perpetually taking from the young and giving to the old? We study this question in simple closed and open economies and show that achieving Pareto gains requires implausible calibrations. Even then, the gains reflect, depending on the economy's openness, improved intergenerational risk-sharing, improved international risk-sharing, and beggaring thy neighbor – not intergenerational redistribution per se. Low government borrowing rates, including borrowing rates running far below growth rates, justify improved risk-sharing between generations and countries. They provide no convincing basis for using deficit finance to redistribute from young and future generations or other countries. |
| 主题 | Public Economics ; Taxation ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w28951 |
| 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/586625 |
| 推荐引用方式 GB/T 7714 | Johannes Brumm,Xiangyu Feng,Laurence J. Kotlikoff,et al. When Interest Rates Go Low, Should Public Debt Go High?. 2021. |
| 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 | ||
| w28951.pdf（1104KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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