Debt Restructuring with a Public Good
将内生政府支出引入最优工资税模型，分析债务期限结构如何影响政策的时间一致性，发现债务重组虽不能完全保证时间一致，但能限制其成本，且数值例子显示平均债务更小、债务结构更大。
Endogenous government expenditure is introduced into Lucas and Stokey's (1983) model of optimal wage taxation. So long as the government can precommit to taxes or to expenditures, a debt maturity structure that keeps the value of the debt invariant to interest rate changes will make the optimal policies time- consistent. In the absence of partial precommitment, debt restructuring cannot enforce time-consistency, but it can still limit the costs of time-inconsistency. Numerical examples show (1) average debt is smaller than under the precommitment solution; (2) the debt structure is much larger than under partial precommitment; and (3) restricting the government to one-period debt overstates the welfare losses from time-inconsistency. Copyright 1989 by The editors of the Scandinavian Journal of Economics.