| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28952 |
| 来源ID | Working Paper 28952 |
| Deficit Follies | |
| 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 | Deficit finance is free when the growth rate routinely exceeds the government's borrowing rate. Or so many people say. This note presents three counterexamples. Each features a simple OLG economy with a zero growth rate and a negative government borrowing rate. None provides a basis for taking from the young and giving to the old. One example features idiosyncratic risk, one features policy uncertainty, and one features a safe borrowing rate that exceeds the safe lending rate. Progressive taxation cures the first problem. Policy resolution cures the second. And improved intermediation, perhaps organized by the government, cures the third. The three models are parables. Each conveys an inconvenient truth. Seemingly free deficits may, on careful inspection, be far more costly than they appear. Indeed, government intergenerational redistribution can lower the government borrowing rate, encouraging yet more inefficient deficit finance. |
| 主题 | Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w28952 |
| 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/586626 |
| 推荐引用方式 GB/T 7714 | Johannes Brumm,Xiangyu Feng,Laurence J. Kotlikoff,et al. Deficit Follies. 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 | ||
| w28952.pdf（261KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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