| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28996 |
| 来源ID | Working Paper 28996 |
| Micro Risks and Pareto Improving Policies with Low Interest Rates | |
| Mark A. Aguiar; Manuel Amador; Cristina Arellano | |
| 发表日期 | 2021-07-05 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We provide sufficient conditions for the feasibility of a Pareto-improving fiscal policy when the risk-free interest rate on government bonds is below the growth rate (r < g). We do so in the class of incomplete markets models pioneered by Bewley-Huggett-Aiyagari, but we allow for an arbitrary amount of ex ante heterogeneity in terms of preferences and income risk. We consider both the case of dynamic inefficiency as well as the more plausible case of dynamic efficiency. The key condition is that seigniorage revenue raised by government bonds exceeds the increase in the interest rate times the initial capital stock. The Pareto improving fiscal policies weakly expand every agent's budget set at every point in time. The policies improve risk sharing and potentially guide the economy to a more efficient level of capital. In simulations, we find that the government must rely on moderate levels of debt issuance along the transition to the new steady state. |
| 主题 | Macroeconomics ; Fiscal Policy ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w28996 |
| 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/586670 |
| 推荐引用方式 GB/T 7714 | Mark A. Aguiar,Manuel Amador,Cristina Arellano. Micro Risks and Pareto Improving Policies with Low Interest Rates. 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 | ||
| w28996.pdf（890KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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