Reducing Public Debt under Dynamic Efficiency: Transitional Dynamics in Diamond's OLG Model

被引：2

作者：

Farmer, Karl ^{[1
]}

机构：

[1] Graz Univ, Graz, Austria

来源：

ATLANTIC ECONOMIC JOURNAL | 2006年 / 34卷 / 02期

关键词：

E62; H62;

D O I：

10.1007/s11293-006-9006-1

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Fiscal retrenchment is on the political agenda in the U.S. as well as in the EU. Utilizing Diamond's [1965] classic OLG growth model with internal debt, this paper focuses on temporarily adjusting the ratio of the primary budget surplus to GDP to achieve a target debt to GDP ratio lower than its initial level in the case of dynamic efficiency. The transitional dynamics of the debt to GDP and of the capital-output ratios are rigorously analyzed. It is shown that reducing the public debt to GDP ratio diminishes private capital intensity too.

引用

页码：195 / 208

页数：14

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