| 000 | 02359cam a22004217a 4500 | ||
|---|---|---|---|
| 001 | w30409 | ||
| 003 | NBER | ||
| 005 | 20221003144720.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 221003s2022 mau fo 000 0 eng d | ||
| 040 |
_aMaCbNBER _beng _cMaCbNBER |
||
| 100 | 1 |
_aKocherlakota, Narayana R. _914420 |
|
| 245 | 1 | 0 |
_aInfinite Debt Rollover in Stochastic Economies / _cNarayana R. Kocherlakota. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c2022. |
||
| 300 |
_a1 online resource: _billustrations (black and white); |
||
| 490 | 1 |
_aNBER working paper series _vno. w30409 |
|
| 500 | _aAugust 2022. | ||
| 520 | 3 | _aThis paper shows that there is more scope for a borrower to engage in a sustainable infinite debt rollover (a "Ponzi scheme") when interest/growth rates are stochastic. In this context, I prove that the relevant "r vs. g" comparison uses the yield r_{long} to an infinite-maturity zero-coupon bond. I show that r_{long} is lower than the (risk-neutral) expectation of the short-term yield when it is variable, and that r_{long} is close to the minimal realization of the short-term yield when it is highly persistent. The paper applies these results to illustrative heterogeneous agent dynamic stochastic general equilibrium models to obtain weak sufficient conditions for the existence of public debt bubbles. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aInterest Rates: Determination, Term Structure, and Effects _2jelc |
|
| 650 | 7 |
_aInterest Rates: Determination, Term Structure, and Effects _2jelc |
|
| 084 |
_aE43 _2jelc |
||
| 690 | 7 |
_aMonetary Policy _2jelc |
|
| 650 | 7 |
_aMonetary Policy _2jelc |
|
| 084 |
_aE52 _2jelc |
||
| 690 | 7 |
_aFiscal Policy • Modern Monetary Theory _2jelc |
|
| 650 | 7 |
_aFiscal Policy • Modern Monetary Theory _2jelc |
|
| 084 |
_aE62 _2jelc |
||
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w30409. |
|
| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w30409 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w30409 |
||
| 942 |
_2ddc _cW-PAPER |
||
| 999 |
_c390004 _d348566 |
||