Government Debt, Life-Cycle Income and Liquidity Constrains: Beyond Approximate Ricardian Equivalence
Evans (1991) has demonstrated that Blanchard's (1985) finite-horizon model obeys approximate Ricardian equivalence. We show that this result is determined largely by an unrealistic assumption that labor income grows monotonically over a consumer's entire lifetime. Introducing more realisti...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
1996
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 96/140 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Evans (1991) has demonstrated that Blanchard's (1985) finite-horizon model obeys approximate Ricardian equivalence. We show that this result is determined largely by an unrealistic assumption that labor income grows monotonically over a consumer's entire lifetime. Introducing more realistic lifetime earnings profiles, we find that the effects of government debt on the real interest rate and the capital stock become considerably larger. In particular, leaving aside the effects of distortionary capital taxation, the extended model with liquidity constraints predicts that real interest rates would decline by about 150-200 basis points if government debt were eliminated completely in all OECD countries |
| Beschreibung: | 1 Online-Ressource (30 p) |
| ISBN: | 1451928777 9781451928778 |
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| index_date | 2024-07-03T20:13:16Z |
| indexdate | 2024-07-10T09:35:23Z |
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| spelling | Symansky, Steven A. Verfasser aut Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence Symansky, Steven A Washington, D.C International Monetary Fund 1996 1 Online-Ressource (30 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 96/140 Evans (1991) has demonstrated that Blanchard's (1985) finite-horizon model obeys approximate Ricardian equivalence. We show that this result is determined largely by an unrealistic assumption that labor income grows monotonically over a consumer's entire lifetime. Introducing more realistic lifetime earnings profiles, we find that the effects of government debt on the real interest rate and the capital stock become considerably larger. In particular, leaving aside the effects of distortionary capital taxation, the extended model with liquidity constraints predicts that real interest rates would decline by about 150-200 basis points if government debt were eliminated completely in all OECD countries Online-Ausg Faruqee, Hamid Sonstige oth Laxton, Douglas Sonstige oth http://elibrary.imf.org/view/IMF001/02865-9781451928778/02865-9781451928778/02865-9781451928778.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Symansky, Steven A. Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence |
| title | Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence |
| title_auth | Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence |
| title_exact_search | Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence |
| title_exact_search_txtP | Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence |
| title_full | Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence Symansky, Steven A |
| title_fullStr | Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence Symansky, Steven A |
| title_full_unstemmed | Government Debt, Life-Cycle Income and Liquidity Constrains Beyond Approximate Ricardian Equivalence Symansky, Steven A |
| title_short | Government Debt, Life-Cycle Income and Liquidity Constrains |
| title_sort | government debt life cycle income and liquidity constrains beyond approximate ricardian equivalence |
| title_sub | Beyond Approximate Ricardian Equivalence |
| url | http://elibrary.imf.org/view/IMF001/02865-9781451928778/02865-9781451928778/02865-9781451928778.xml |
| work_keys_str_mv | AT symanskystevena governmentdebtlifecycleincomeandliquidityconstrainsbeyondapproximatericardianequivalence AT faruqeehamid governmentdebtlifecycleincomeandliquidityconstrainsbeyondapproximatericardianequivalence AT laxtondouglas governmentdebtlifecycleincomeandliquidityconstrainsbeyondapproximatericardianequivalence |