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024 7 $a10.1007/978-3-642-32967-8
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100   $a20130109d2013      uy         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aSustainability and optimality of public debt /$fMichael Carlberg, Arne Hansen
205   $a2nd ed.
210   $aHeidelberg $cPhysica-Verlag$d2013
215   $a1 online resource (219 p.)
300   $aOriginally published under: Carlberg, M. within the series: Contributions to economics.
311   $a3-642-44630-2 
311   $a3-642-32966-7 
320   $aIncludes bibliographical references.
327   $apt. I. The closed economy -- pt. II. The small open economy -- pt. III. Two countries.
330   $aThis book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.
606   $aDebts, Public$xMathematical models
615  0$aDebts, Public$xMathematical models.
676   $a336.3435
700   $aCarlberg$b Michael$0254322
701   $aHansen$b Arne$01762288
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910438065503321
996   $aSustainability and optimality of public debt$94202110
997   $aUNINA