Credit Markets, Limited Commitment, and Government Debt
构建了一个有限承诺下的动态信贷模型，发现有限记忆会削弱违约惩罚，使政府债务在信贷市场中发挥抵押品作用，改善借款人激励，且经济可能非李嘉图等价。
A dynamic model with credit under limited commitment is constructed, in which limited memory can weaken the effects of punishment for default. This creates an endogenous role for government debt in credit markets, and the economy can be non-Ricardian. Default can occur in equilibrium, and government debt essentially plays a role as collateral and thus improves borrowers' incentives. The provision of government debt acts to discourage default, whether default occurs in equilibrium or not.