Debt Restructuring and the Time Consistency of Optimal Policies
证明，通过设计两种特定类型的债务（消费商品债权和闲暇债权），即使政府选择公共消费和公共投资，也能确保最优税收政策的时间一致性，回应了卢卡斯和斯托基模型受到的批评。
Clever debt restructuring ensures that the optimal taxes on the purchase of consumption goods and on labor income are time consistent even if the government chooses public consumption and public investment. For this result, two types of debt are needed: claims on consumption goods (debt indexed by the gross-of-tax consumption prices) and claims on leisure (debt indexed by the net-of-tax wage rate). This rescues Robert E. Lucas and Nancy L. Stokey (1983) from the criticism that debt restructuring cannot ensure time consistency when the government chooses public consumption or public investment. This paper analyzes a closed economy. Copyright 1994 by Ohio State University Press.