| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29931 |
| 来源ID | Working Paper 29931 |
| A p Theory of Government Debt and Taxes | |
| Wei Jiang; Thomas J. Sargent; Neng Wang; Jinqiang Yang | |
| 发表日期 | 2022-04-11 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | An optimal tax and government borrowing plan in a setting with tax distortions (Barro, 1979) locally pin down the marginal cost of servicing government debt, called marginal p. An option to default determines the government’s debt capacity and its optimal state-contingent risk management policies make its debt risk-free. Optimal debt-GDP ratio dynamics are driven not only by three widely discussed forces, 1.) a primary deficit, 2.) interest payments, and 3.) GDP growth, but also by 4.) hedging costs. Hedging fundamentally alters debt transition dynamics and equilibrium debt-capacity, which are at the center of the recent 'r-g' and debt sustainability discussions. We calibrate our model and make comparative dynamic quantitative statements about the debt-GDP ratio transition dynamics, equilibrium debt capacity, and how long it will take the US to attain debt capacity. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Public Economics ; Taxation ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w29931 |
| 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/587604 |
| 推荐引用方式 GB/T 7714 | Wei Jiang,Thomas J. Sargent,Neng Wang,et al. A p Theory of Government Debt and Taxes. 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 | ||
| w29931.pdf（2836KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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