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首页> 外文期刊>Journal of the European Economic Association >Optimal Time-Consistent Government Debt Maturity, Fiscal Policy, and Default
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Optimal Time-Consistent Government Debt Maturity, Fiscal Policy, and Default

机译：最佳时间一致性政府债务到期日、财政政策和违约

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摘要

I develop a tractable model to study the optimal debt maturity structure and fiscal policy in an environment with incomplete markets, lack of commitment, and opportunity to default by the government. I show that the Lucas and Stokey time-consistency result can be extended to environments with an opportunity of outright default. The maturity is used to resolve the time-consistency problem. I show that if both risk-free interest rates and risk premiums can be manipulated, then the optimal maturity structure tends to have a decaying profile: The government issues debt at all maturity dates, but the distribution of payments over time is skewed toward the short end. The model allows for numerical characterization of the optimal maturity structure of debt with an arbitrarily large number of maturities. Debt maturity data across countries are consistent with model predictions.
机译：我开发一个易于管教的模型来研究最优债务期限结构和财政政策环境与不完全市场,缺乏承诺,违约的机会政府。可以扩展到时间一致性的结果直接环境的机会违约。时间一致性问题。无风险利率和风险溢价操纵,那么最佳的期限结构往往有一个腐烂的简介:政府问题债务到期日期,但分布的支付是扭曲的短暂的结束。最优的数值特征债务到期结构任意大量的期限。各国与模型一致预测。

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