Generational Accounting in Open Economies
利用美国和日本政府债务数据校准模型，研究近期财政政策的国际与代际影响，发现政府债务对世界实际利率影响很小，但会导致美国持续小幅外部赤字，且财富效应主要发生在代际之间而非国际之间。
Using data on U.S. and Japanese government debt, we calibrate a version of Weil's (1989) model and study the international and intergenerational consequences of recent scal policy. We predict: (1) government debt will raise the world real interest rate by less than 2 basis points; (2) the United States will run small but persistent external decits; and (3) current generations in the United States experience a slight increase in wealth, while future generations both at home and abroad suer analogous decreases. Most of the wealth eects are intergenerational rather than international.