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Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model
Juessen, Falko; Linnemann, Ludger; Schabert, Andreas - Tinbergen Instituut - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10011256090
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Are Pakistani Consumers Ricardian?
Waqas, Muhammad; Awan, Masood Sarwar - Volkswirtschaftliche Fakultät, … - 2011
The purpose of this study is to check the Ricardian Equivalence Hypothesis in case of Pakistan by using annual data for the period of 1973-2009. Government expenditure, private consumption expenditure, tax revenue, government debt, disposable income, government budget deficit and wealth are the...
Persistent link: https://www.econbiz.de/10009647208
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Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model
Juessen, Falko; Linnemann, Ludger; Schabert, Andreas - Tinbergen Institute - 2009
This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10008513214
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Strategies for Countries with Favourable Fiscal Positions
Price, Robert W.R.; Joumard, Isabelle; André, Christophe; … - Economics Department, Organisation de Coopération et … - 2008
The financial crisis and economic downturn are going to weigh on fiscal positions in OECD countries over the short to medium-term, both through the operation of automatic stabilisers and the enactment of discretionary fiscal stimulus packages. However, the strategic policy options facing OECD...
Persistent link: https://www.econbiz.de/10005045983
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Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model
Juessen, Falko; Linnemann, Ludger; Schabert, Andreas - Staatswissenschaftliches Seminar, Wirtschafts- und … - 2014
We develop a macroeconomic model where the government does not guarantee to repay debt. We ask whether movements in the price of government bonds can be rationalized by lenders' unwillingness to fully roll over debt when the outstanding level of debt exceeds the government's repayment capacity....
Persistent link: https://www.econbiz.de/10010796433
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The Implications of a graying japan for government policy
Braun, R. Anton; Joines, Douglas H. - Federal Reserve Bank of Atlanta - 2014
of aging of the baby boomer generation and low fertility rates have produced very rapid aging. Japan now finds itself …. Aging is already placing a burden on government finances, and Japan's ability to confront the negative fiscal implications … of future aging is constrained by its very high debt-to-GDP ratio. We find that Japan faces a severe fiscal crisis if …
Persistent link: https://www.econbiz.de/10011098953
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Public Debt as Private Wealth
Schlicht, Ekkehart - Volkswirtschaftliche Fakultät, … - 2008
Government bonds are interest-bearing assets. Increasing public debt increases income, wealth, and consumption demand. The smaller government expenditure is, the larger consumption demand must be in equilibrium, and the larger must be public debt. Conversely, lower public debt implies higher...
Persistent link: https://www.econbiz.de/10010633757
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Unexpected Consequences of Ricardian Expectations
Schlicht, Ekkehart - Volkswirtschaftliche Fakultät, … - 2013
Economists are widely familiar with the Ricardian equivalence thesis. It maintains that, given the time-path of government spending, a change in taxation does not alter the set of feasible life-time consumption plans of the households and affects neither the demand for commodities and services...
Persistent link: https://www.econbiz.de/10011210873
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Unexpected Consequences of Ricardian Expectations - Erratum
Schlicht, Ekkehart - Volkswirtschaftliche Fakultät, … - 2013
This note identifies a severe mistake in my article “Unexpected Consequences of Ricardian Expectations” that appeard in this journal in the July 2013 issue.
Persistent link: https://www.econbiz.de/10011210881
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Unexpected Consequences of Ricardian Expectations
Schlicht, Ekkehart - Volkswirtschaftliche Fakultät, … - 2012
Economists are widely familiar with the Ricardian equivalence thesis. It maintains that, given the time-path of government spending, a change in taxation does not alter the set of feasible life-time consumption plans of the households and affects neither the demand for commodities and services...
Persistent link: https://www.econbiz.de/10011210888