Reassessing the government's discount rate policy in light of new theory and data in a world economy with a high degree of capital mobility
利用国际资本流动、赤字与利率关系等新证据，重新审视政府贴现率政策，发现不同政策问题适用不同贴现率，长期政策需基于代际公平原则重新建立贴现逻辑。
The paper reexamines the government's discount rate policy in the context of new evidence on international capital mobility, the relationship between deficits and interest rates, the relationship between consumer interest rates and the consumer's rate of time preference, and intergenerational compensation. It concludes that the approximate discount rate for government decisions will differ depending on the policy problem and that the government's borrowing rate is appropriate in some cases and in others the private rate should be used. For long term policies, the benefit-cost rationale for discounting breaks down and must be reestablished on principles incorporating intergenerational equity.