On the (de)stabilizing effect of public debt in a Ramsey model with heterogeneous agents
On the (de)stabilizing effect of public debt in a Ramsey model with heterogeneous agents
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具有异质主体的拉姆齐模型中公共债务的（去）稳定效应
DOI：
10.1111/ijet.12049
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发表时间：
2015
影响因子：
0.5
通讯作者：
Carine Nourry,Thomas Seegmuller and Alain Venditti
中科院分区：
文献类型：
--
作者：
Kazuo Nishimura;Carine Nourry,Thomas Seegmuller and Alain Venditti
我们在拉姆齐模型中引入公共债务，该模型具有异质代理人和影响公用事业的公共支出外部性，公用事业由所得税和公共债务融资。我们表明，公共债务被认为是GDP的固定部分，可以有稳定或不稳定的影响，取决于一些基本的弹性。当公共支出的外部性较弱，资本-劳动替代弹性足够低时，公共债务只能是不稳定的，产生阻尼或持续的宏观经济波动。然而，当公共支出外部性和资本-劳动替代弹性足够强时，公共债务可以稳定，使经济在没有债务的情况下经历阻尼或持续波动，从而达到单调收敛。
We introduce public debt in a Ramsey model with heterogeneous agents and a public spending externality affecting utility which is financed by income tax and public debt. We show that public debt considered as a fixed portion of GDP can have a stabilizing or destabilizing effect, depending on some fundamental elasticities. When the public spending externality is weak and the elasticity of capital–labor substitution is low enough, public debt can only be destabilizing, generating damped or persistent macroeconomic fluctuations. However, when the public spending externality and the elasticity of capital–labor substitution are strong enough, public debt can be stabilizing, driving to monotone convergence an economy experiencing damped or persistent fluctuations without debt.