Sur les interactions entre politiques de dette publique et de transfert/On interactions between public debt and transfer policies
In this paper, we investigate the interactions between public debt and transfer policies in a framework based on Floden [2001], that we extend to allow for transitional dynamics between steady states. First, we show that, starting from a high level of public debt, it is possible to implement a polic...
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| Veröffentlicht in: | Revue d'économie politique 2012-11 (6), p.903 |
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| creator | Bessec, Marie Desbonnet, Audrey Kankanamge, Sumudu Weitzenblum, Thomas |
| description | In this paper, we investigate the interactions between public debt and transfer policies in a framework based on Floden [2001], that we extend to allow for transitional dynamics between steady states. First, we show that, starting from a high level of public debt, it is possible to implement a policy that reduces public debt without generating welfare losses, as long as it is associated with transitory transfers adjustments. Secondly, we define and compute an equilibrium that takes into consideration the government's incentive to implement unexpected adjustments in both public debt and transfers. We show that the long run equilibrium over public debt and transfers in Floden [2001] is not stable with respect to these short term incentives. Simulations reveal that our equilibrium and Floden's [2001] one considerably differ in quantitative terms. [PUB ABSTRACT] |
| format | Magazinearticle |
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| source | Cairn.info Revues - General; Jstor Complete Legacy; Cairn; EZB Electronic Journals Library |
| subjects | Deficit financing Economic theory Fiscal policy Transfer of funds |
| title | Sur les interactions entre politiques de dette publique et de transfert/On interactions between public debt and transfer policies |
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