PUBLIC DEBT AND AGGREGATE RISK

被引：3

作者：

Desbonnet, Audrey ^{[1
]}

Kankanamge, Sumudu ^{[2
]}

机构：

[1] PSL Res Univ, Univ Paris Dauphine, LEDa, Paris, France

[2] Univ Toulouse Capitole, Toulouse Sch Econ, Toulouse, France

来源：

MACROECONOMIC DYNAMICS | 2017年 / 21卷 / 08期

关键词：

Public Debt; Aggregate Risk; Precautionary Saving; Credit Constraints; OPTIMAL FISCAL-POLICY; IDIOSYNCRATIC RISK; BUSINESS CYCLES; PRECAUTIONARY SAVINGS; WEALTH INEQUALITY; LIFE-CYCLE; GOVERNMENT; HETEROGENEITY; ECONOMIES; INSURANCE;

D O I：

10.1017/S1365100516000092

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we investigate the importance of aggregate fluctuations for the assessment of the optimal level of public debt in an incomplete-markets economy. We start by building a steady state model in which households are only subject to uninsurable idiosyncratic risk and evaluate the optimal level of public debt. We then augment the model to allow for aggregate risk and measure the impact on the optimal level. We show that the cyclical behavior of the economy has a quantitative impact on this level that can be decomposed into the effects of the aggregate productivity shock and the cyclicality of unemployment. Moreover, we find that matching wealth distribution statistics substantially changes the optimal level of public debt.

引用

页码：1996 / 2032

页数：37

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