DEBT NONNEUTRALITY, POLICY INTERACTIONS, AND MACROECONOMIC STABILITY*
在一个粘性价格模型中研究政府债务非中性对宏观经济稳定政策的影响，发现债务通过交易服务影响回报率和私人储蓄，导致李嘉图等价失效；积极的货币政策在低名义赤字下能稳定波动，平滑债务路径可降低通胀方差。
We study the consequences of nonneutrality of government debt for macroeconomic stabilization policy in a sticky‐price model. Ricardian equivalence fails because debt has a negative impact on its rate of return and on private savings, which is induced by assuming transaction services of bonds. Under aggressive monetary policy regimes, macroeconomic fluctuations tend to be stabilized if nominal budget deficits are low. A smooth debt path limits inflation expectations, such that inflation variances can be reduced. Under a balanced budget policy, the central bank's output gap–inflation volatility trade‐off is improved relative to an environment where debt is neutral.