| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30024 |
| 来源ID | Working Paper 30024 |
| Government Debt and Capital Accumulation in an Era of Low Interest Rates | |
| N. Gregory Mankiw | |
| 发表日期 | 2022-05-09 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This essay discusses the reasons for and implications of the decline in real interest rates around the world over the past several decades. It suggests that the decline in interest rates is largely explicable from trends in saving, growth, and markups. In this environment, greater government debt is likely not problematic from a budgetary standpoint. But a Ponzi-like scheme of perpetual debt rollover might fail, and such a failure would make an already-bad state of the world even worse. In addition, even if a perpetual debt rollover succeeds, the increased debt could still crowd out capital, reducing labor productivity, real wages, and consumption. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Fiscal Policy ; Public Economics ; Public Goods ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w30024 |
| 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/587697 |
| 推荐引用方式 GB/T 7714 | N. Gregory Mankiw. Government Debt and Capital Accumulation in an Era of Low Interest Rates. 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 | ||
| w30024.pdf（353KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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