Public Debt as a Burden on the Future Generation: A Keynesian Approach
Public Debt as a Burden on the Future Generation: A Keynesian Approach
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公共债务是下一代的负担：凯恩斯主义方法
DOI：
10.4236/tel.2015.55076
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
M. Otaki
中科院分区：
文献类型：
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作者：
M. Otaki
本文利用生产经济背景下的世代交叠模型（OLG），证明了即使在不完全就业均衡的情况下，公共债务也会降低下一代人的幸福感。根据具有严格微观经济学基础的动态扩展乘数理论，偿还公债的效果与平衡预算乘数的效果相当，因为偿还公债增加了老一代的自主支出，而对年轻一代征收了相同数量的税收。因此，由于平衡预算乘数的值为1，因此发行前的可支配总收入仍为1。然而，很明显，减税前的真实的GDP增加了;赚取同样的可支配收入需要更多的资源。因此，即使在凯恩斯主义的框架下，发行国债也不可避免地会损害子孙后代的福利。
By using an overlapping generations (OLG) model in the context of the production economy, this paper shows that public debt lowers the future generation’s well-being even in the situation of imperfect employment equilibrium. According to the dynamically extended multiplier theory, which has a rigorous microeconomic foundation, the effect of the redemption of public debt is equivalent to that of the balanced-budget multiplier because the redemption increases autonomous spending by old generation while the same amount of tax is levied on the young generation. Thus, the aggregate disposable income remains before the issuance since the value of the balanced-budget multiplier is unity. However, it is evident that real GDP before tax reduction increases; it costs more resources to earn the same disposable income. Therefore, it is unavoidable that the issuance of public debt impairs the welfare of future generation even in a Keynesian framework.
动态扩展的凯恩斯交叉与改善福利的财政政策
DOI：
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发表时间：
2007
期刊：
Economics Letters 96
影响因子：
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作者：
大瀧雅之;大瀧雅之
通讯作者：
大瀧雅之