Navegar

Colección

Datos Estadísticas

Artículo

Estamos trabajando para incorporar este artículo al repositorio
Consulte el artículo en la página del editor
Consulte la política de Acceso Abierto del editor

Abstract:

This paper shows that state contingent debt can be synthetically constructed using non-contingent debt of different maturities. A main policy implication of this principle is that the Ramsey allocation with complete markets can be sustained with non-contingent debt only by properly managing its maturity structure. The numerical experiments, however, suggest that this policy implication ought to be taken with care. We find that the debt positions that sustain the Ramsey allocation are very high (on the order of a few hundred times total GDP for a very simple four state economy) and increasing in the number of states. In addition, they are very sensitive to small variations in the parameters of the model. © 2003 Elsevier B.V. All rights reserved.

Registro:

Documento: Artículo
Título:Optimal maturity of government debt without state contingent bonds
Autor:Buera, F.; Nicolini, J.P.
Filiación:University of Chicago, 1126 E. 59th Street, Chicago, IL 60637, United States
Department of Economics, Universidad Di Tella, Miñones 2159, Capital Federal 1428, Argentina
Palabras clave:Government debt; Optimal maturity structure
Año:2004
Volumen:51
Número:3
Página de inicio:531
Página de fin:554
DOI: http://dx.doi.org/10.1016/j.jmoneco.2003.06.002
Título revista:Journal of Monetary Economics
Título revista abreviado:J. Monet. Econ.
ISSN:03043932
CODEN:JMOED
Registro:https://bibliotecadigital.exactas.uba.ar/collection/paper/document/paper_03043932_v51_n3_p531_Buera

Referencias:

  • Aiyagari, S.R., Marcet, A., Sargent, T., Seppala, J., Optimal taxation without state-contingent debt (2002) Journal of Political Economy, 110, pp. 1220-1254
  • Angeletos, G.M., Fiscal policy with non-contingent debt and the optimal maturity structure (2002) Quarterly Journal of Economics, 117, pp. 1105-1131
  • Barro, R., On the determination of public debt (1979) Journal of Political Economy, 87, pp. 940-971
  • Bohn, H., Tax smoothing with financial instruments (1990) American Economic Review, 80, pp. 1217-1230
  • Chari, V., Christiano, L., Kehoe, P., Policy analysis in business cycle models (1995) Frontiers of Business Cycle Research, , T. Cooley (Ed.), Princeton, NJ: Princeton University Press
  • Cochrane, J., (2001) Asset Pricing, , Princeton, NJ: Princeton University Press
  • Correia, I., Nicolini, J., Teles, P., Optimal fiscal and monetary policy: Results on tax smoothing (2001), Mimeo, Universidad Di Tella; Litterman, R., Scheinkman, J., Common factors affecting bond returns (1991) The Journal of Fixed Income, 1, pp. 54-61
  • Lucas, R., Stokey, N., Optimal fiscal and monetary policy in an economy without capital (1983) Journal of Monetary Economics, 12, pp. 55-93
  • Marcet, A., Scott, A., Debt fluctuations and the structure of bond markets (2000), Mimeo, Universitat Pompeu Fabra; Ravn, M.O., Sola, M., Stylized facts and regime changes: Are prices procyclical? (1995) Journal of Monetary Economics, 36, pp. 497-526

Citas:

---------- APA ----------
Buera, F. & Nicolini, J.P. (2004) . Optimal maturity of government debt without state contingent bonds. Journal of Monetary Economics, 51(3), 531-554.
http://dx.doi.org/10.1016/j.jmoneco.2003.06.002
---------- CHICAGO ----------
Buera, F., Nicolini, J.P. "Optimal maturity of government debt without state contingent bonds" . Journal of Monetary Economics 51, no. 3 (2004) : 531-554.
http://dx.doi.org/10.1016/j.jmoneco.2003.06.002
---------- MLA ----------
Buera, F., Nicolini, J.P. "Optimal maturity of government debt without state contingent bonds" . Journal of Monetary Economics, vol. 51, no. 3, 2004, pp. 531-554.
http://dx.doi.org/10.1016/j.jmoneco.2003.06.002
---------- VANCOUVER ----------
Buera, F., Nicolini, J.P. Optimal maturity of government debt without state contingent bonds. J. Monet. Econ. 2004;51(3):531-554.
http://dx.doi.org/10.1016/j.jmoneco.2003.06.002