PUBLIC DEBT AND AGGREGATE RISK

نویسندگان
چکیده

برای دانلود رایگان متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Household Debt and Aggregate Consumption Expenditures

This paper shows that the debt burden of households, as measured by the debt service to income ratio, is helpful in forecasting the future growth of consumption expenditures. Using data for the United States over the period 1960-97, I find a significant negative relationship between the debt-service ratio of households and future aggregate spending growth. This effect is statistically important...

متن کامل

Taxation, redistribution, and debt with aggregate shocks

We study optimal income taxes and transfers in an economy with heterogeneous agents and aggregate shocks. An optimal equilibrium determines agents’ net asset positions, but not their absolute levels. The distribution of debt holdings across agents influences optimal allocations and taxes, but the level of government debt does not. Higher correlations of debt holdings and labor incomes imply mor...

متن کامل

Public debt and aggregate stability with endogenous growth and a state-dependent consumption tax

We analyze how different budgetary rules affect the stability of an economy in a basic endogenous growth model with public debt and a state-dependent consumption tax rate. We show that a discretionary policy implies that the government violates its inter-temporal budget constraint along a balanced growth path, whereas a balanced budget rule guarantees that the economy is stable. A rule based de...

متن کامل

Fiscal decentralization and public debt

Excessive borrowing by subnational governments due to soft budget constraints and intergovernmental coordination failures might be one of the perils of decentralization. Despite a large body of case studies, empirical investigations on whether decentralization increases consolidated public debt levels are still scarce. This paper contributes to the literature by exploring econometrically for se...

متن کامل

A Risk Quantification Model for Public Debt Management

There is widespread agreement among leading debt management practitioners about the adequacy of debt servicing cash flow simulation technique to estimate the cost and risk of a sovereign liability portfolio. This practice gains a solid theoretical platform when re-cast into an asset liability management (ALM) framework. The issue then becomes how to incorporate the government’s assets into cost...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Macroeconomic Dynamics

سال: 2017

ISSN: 1365-1005,1469-8056

DOI: 10.1017/s1365100516000092