在生产率冲击的伍德福德模型中以破产法替代财政政策

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2024-04-02 DOI:10.1017/s1365100524000099

Aloísio Araújo, Vitor Costa

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引用次数: 0

摘要

我们的研究表明，在生产力受到重大冲击时，部门间的贸易信贷合同可以替代财政转移支付。信贷合同违约具有部门间转移的功能，可以通过破产法或信贷重新谈判来实施。通过违约实施的转移可以减少财政政策的规模，从而使经济恢复到最优配置，这对于没有可用财政空间来实施最优政策的经济体来说是一个相关的替代方案。

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Bankruptcy law as an alternative to fiscal policy in a Woodford model with a productivity shock

We show that trade credit contracts between sectors can provide a useful alternative to fiscal transfers during a major productivity shock. Defaults in credit contracts function as transfers between sectors, which can be implemented through a bankruptcy law or through credit renegotiation. Transfers implemented through defaults allow for a reduction in the size of the fiscal policy that restores the economy to the optimal allocation, constituting a relevant alternative to economies without an available fiscal space to implement the optimal policy.

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.