| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29626 |
| 来源ID | Working Paper 29626 |
| Debt as Safe Asset | |
| Markus K. Brunnermeier; Sebastian A. Merkel; Yuliy Sannikov | |
| 发表日期 | 2022-01-10 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers' interest burden and allows the government to run a permanent (primary) deficit without ever paying back its debt. As idiosyncratic risk rises during recessions, so does the value of the service flows bestowing the safe asset with a negative beta. This resolves government debt valuation puzzles. Nevertheless, the government faces a “Debt Laffer Curve”. The paper also has important implications for fiscal debt sustainability. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w29626 |
| 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/587299 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Sebastian A. Merkel,Yuliy Sannikov. Debt as Safe Asset. 2022. |
| 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 | ||
| w29626.pdf（631KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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