کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
965191 1479259 2015 28 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Fiscal policy, debt constraint and expectations-driven volatility
ترجمه فارسی عنوان
خط مشی مالی، محدودیت بدهی و نوسان ناشی از انتظارات
کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات ریاضیات کاربردی
چکیده انگلیسی
Imposing some constraints on public debt is often justified regarding sustainability and stability issues. This is especially the case when the ratio of public debt over GDP is restricted to be constant. Using a Ramsey model, we show that such a constraint can however be a fundamental source of indeterminacy, and therefore, of expectations-driven fluctuations. Indeed, through the intertemporal budget constraint of the government, income taxation negatively depends on future debt, i.e. on the expected level of production. This mechanism ensures that expectations on the future tax rate may be self-fulfilling. We show that this is promoted by a larger ratio of debt over GDP.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 61, December 2015, Pages 305-316
نویسندگان
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