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path, we show that public debt and capital taxation play very distinct roles in dealing with the overaccumulation problem …
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heterogeneous-agents and incomplete markets (HAIM) hypothesis to justify a high debt-to-GDP ratio have been extensively studied. Two … dynamic relationship between optimal debt and optimal taxation remains unclear in HAIM models, especially considering that the …
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We endogenize the liquidity and the quality of private assets in a tractable incomplete-market model with heterogeneous agents. The model decomposes the convenience yield of government bond into a "liquidity premium" (flight to liquidity) and a "safety premium" (flight to quality) over the...
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