论文标题
公共债务乘数
The public debt multiplier
论文作者
论文摘要
我们研究了政府债务纯粹暂时变化的经济活动以及债务乘数与债务水平之间的关系的影响。债务乘数是积极的，但在正常时期很小，而危机期间的债务乘数则大得多。此外，它随着稳定的债务水平而增加。因此，似乎不明智地呼吁财政合并。最后，稳态债务至GDP水平的上升增加了稳态的实际利率，为机动政策提供了更多的货币政策，以打击通气冲击。
We study the effects on economic activity of a pure temporary change in government debt and the relationship between the debt multiplier and the level of debt in an overlapping generations framework. The debt multiplier is positive but quite small during normal times while it is much larger during crises. Moreover, it increases with the steady state level of debt. Hence, the call for fiscal consolidation during recessions seems ill-advised. Finally, a rise in the steady state debt-to-GDP level increases the steady state real interest rate providing more room for manoeuvre to monetary policy to fight deflationary shocks.
