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Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty

Опубликовано на портале: 11-08-2004
NBER Working Paper Series. 1992.  w3992.
Can government roll their debt over in dynamically efficient economies, and thus avoid the need to raise taxes? While the answer is a clear "no" under certainty, it depends, under uncertainty, on whether public debt provides intergenerational insurance. When it does not, rollover is not possible, even if the rate of return on one-period bonds is below the growth rate. When it does, debt rollover may be possible if the return on one-period bonds is above the growth rate.

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