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Sustainability and Optimality of Public Debt (Paperback, 2nd ed. 2013)
Loot Price: R2,957
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Sustainability and Optimality of Public Debt (Paperback, 2nd ed. 2013)
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This book studies the sustainability and optimality of public debt
under different scenarios: the closed economy, the small open
economy, and a two-country setting. Sustainability refers to the
existence and the stability of the long-run equilibrium. Optimality
relates to the path of public debt that maximizes discounted
utility. The analysis is conducted within the framework of the
Solow model, the overlapping generations model and the infinite
horizon model. The government can follow different strategies, it
either fixes the deficit ratio or the tax rate. As a result, a
fixed deficit ratio generally can be sustained. By contrast, a
fixed tax rate generally cannot be sustained. Depending on the
chosen fiscal strategy, there exists either an optimal deficit
ratio or an optimal tax rate that maximizes the sum of consumption
and government purchases per capita.
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