Running Primary Deficits Forever in a Dynamically Efficient Economy: Feasibility and Optimality
研究在某些随机经济中，政府债务能否在没有基本盈余的情况下永远滚动，并发现当无风险利率等于增长率时，债务与资本比率达到最大且人均效用最优。
Government debt can be rolled over forever without primary surpluses in some stochastic economies, including some economies that are dynamically efficient. In an overlapping‐generations model with constant growth rate, g , of labor‐augmenting productivity, and with shocks to the durability of capital, we show that along a balanced growth path, the maximum sustainable ratio of bonds to capital is attained when the risk‐free interest rate, r f , equals g . Furthermore, this maximal ratio maximizes utility per capita along a balanced growth path and ensures that the economy is dynamically efficient.