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Fiscal Stability of High-Debt Nations under Volatile Economic Conditions
Hall, Robert E. - 2013
Using a recursive empirical model of the real interest rate, GDP growth, and the primary government deficit in the U.S., I solve for the ergodic distribution of the debt/GDP ratio. If such a distribution exists, the government is satisfying its intertemporal budget constraint. One key finding is...
Persistent link: https://www.econbiz.de/10012459865
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Debt, Deficits and Finite Horizons : The Stochastic Case
Farmer, Roger - 2009
We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade version of the...
Persistent link: https://www.econbiz.de/10012463624
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An Analysis of Puerto Rico's Debt Relief Needs to Restore Debt Sustainability
Gluzmann, Pablo A. - 2018
was certified in March 2017 for fiscal years 2017-18 to 2026-27. Second, we perform a Debt Sustainability Analysis (DSA … that the island's current debt position is unsustainable, and compute the necessary debt relief to restore sustainability …
Persistent link: https://www.econbiz.de/10012480907
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Inflation Implications of Rising Government Debt
Giannitsarou, Chryssi - 2006
examine the channels through which governments achieve fiscal sustainability. We evaluate the ability of this framework to …
Persistent link: https://www.econbiz.de/10012466007
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A Model of the Safe Asset Mechanism (SAM) : Safety Traps and Economic Policy
Caballero, Ricardo J. - 2013
The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This paper provides a simple model of the Safe Asset Mechanism (SAM), its recessionary safety traps, and its policy antidotes. Safety traps share many common features with...
Persistent link: https://www.econbiz.de/10012459925
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Game Over : Simulating Unsustainable Fiscal Policy
Evans, Richard W. - 2012
Fiscal sustainability is one of the most pressing policy issues of our time. Yet it remains difficult to quantify …
Persistent link: https://www.econbiz.de/10012460741
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Japanese Government Debt and Sustainability of Fiscal Policy
Doi, Takero - 2011
analyze the sustainability of the fiscal policy. We pursue three approaches to examine the sustainability. First, we calculate …
Persistent link: https://www.econbiz.de/10012461352
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Fiscal Limits in Advanced Economies
Leeper, Eric M. - 2011
Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...
Persistent link: https://www.econbiz.de/10012461838
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What is a Sustainable Public Debt?
D'Erasmo, Pablo - 2015
traditional approach to evaluate debt sustainability, and examine three alternative approaches that provide useful econometric and … model-simulation tools to analyze debt sustainability. The first approach is Bohn's non-structural empirical framework based … three approaches to analyze debt sustainability in the United States and Europe after the recent surge in public debt …
Persistent link: https://www.econbiz.de/10012457095
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A Surplus of Ambition : Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?
Eichengreen, Barry - 2014
of as much as 5 percent of GDP for as long as 10 years in order to maintain debt sustainability and bring their debt …
Persistent link: https://www.econbiz.de/10012458350