文章基本信息

标题：Debt reduction and automatic stabilisation
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作者：Javier J. Pérez ; Paul Hiebert ; Massimo Rostagno 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2002
出版社：European Central Bank
摘要：This paper presents an optimal fiscal policy response to address the basic tradeo .. between the automatic stabilisation properties of budgets and the long run fiscal positions. The framework is an overlapping generations model `a la Weil (1989), extended to account for stochastic endowments and borrowing constrained households. A benign government chooses over the optimal degree of responsiveness of net taxes to individual incomes, an optimal measure of long-run public debt, or both, in order to smooth households’ consumption across states of nature. In the presence of a deficit constraint for the government, the results unambiguously point to the desire for lower debt levels than those currently prevailing in order to enable a more e..ective hedging of personal income uncertainty by means of more active fiscal stabilisers. Citizens in economies exhibiting more pronounced cycles will favour less automatic stabilisation combined with a more aggressive policy of debt reduction.
关键词：Public debt; Automatic stabilisation; Borrowing constraints; Consumption