{"title":"动态一般均衡下政府借贷的可持续性研究","authors":"Atsumasa Kondo","doi":"10.1111/j.1468-0106.2007.00372.x","DOIUrl":null,"url":null,"abstract":"This paper constructs a dynamic general equilibrium model with money in consumers' utility functions and investigates the equilibrium dynamics of government's debt. The limitation level of the government borrowing for which a dynamic equilibrium and the no Ponzi Game condition are compatible with each other is explicitly derived. The critical level depends on the long-run interest rate, primary balance, money supply etc. Copyright 2007 The Author Journal compilation 2007 Blackwell Publishing Ltd","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"34 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2007-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"8","resultStr":"{\"title\":\"On the Sustainability of Government Borrowing in a Dynamic General Equilibrium\",\"authors\":\"Atsumasa Kondo\",\"doi\":\"10.1111/j.1468-0106.2007.00372.x\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper constructs a dynamic general equilibrium model with money in consumers' utility functions and investigates the equilibrium dynamics of government's debt. The limitation level of the government borrowing for which a dynamic equilibrium and the no Ponzi Game condition are compatible with each other is explicitly derived. The critical level depends on the long-run interest rate, primary balance, money supply etc. Copyright 2007 The Author Journal compilation 2007 Blackwell Publishing Ltd\",\"PeriodicalId\":134313,\"journal\":{\"name\":\"Wiley-Blackwell: Pacific Economic Review\",\"volume\":\"34 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2007-11-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"8\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Wiley-Blackwell: Pacific Economic Review\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/j.1468-0106.2007.00372.x\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Wiley-Blackwell: Pacific Economic Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/j.1468-0106.2007.00372.x","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
On the Sustainability of Government Borrowing in a Dynamic General Equilibrium
This paper constructs a dynamic general equilibrium model with money in consumers' utility functions and investigates the equilibrium dynamics of government's debt. The limitation level of the government borrowing for which a dynamic equilibrium and the no Ponzi Game condition are compatible with each other is explicitly derived. The critical level depends on the long-run interest rate, primary balance, money supply etc. Copyright 2007 The Author Journal compilation 2007 Blackwell Publishing Ltd
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