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dc.contributor.authorDesbonnet, Audrey
dc.contributor.authorKankanamge, Sumudu
dc.date.accessioned2017-11-16T13:07:36Z
dc.date.available2017-11-16T13:07:36Z
dc.date.issued2017
dc.identifier.issn1365-1005
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/16991
dc.language.isoenen
dc.subjectpublic debt
dc.subjectaggregate risk
dc.subjectprecautionary saving
dc.subjectcredit constraints
dc.subjectH60
dc.subjectH30
dc.subjectE32
dc.subjectE60
dc.subject.ddc339en
dc.subject.classificationjelH.H6.H60en
dc.subject.classificationjelH.H3.H30en
dc.subject.classificationjelE.E3.E32en
dc.subject.classificationjelE.E6.E60en
dc.titlePublic debt and aggregate risk
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherToulouse School of Economics
dc.description.abstractenIn this paper, we investigate the importance of aggregate fluctuations for theassessment of the optimal level of public debt in an incomplete markets economy. We start by building a steady state model in which households are only subject to uninsurable idiosyncratic risk and evaluate the optimal level of public debt. We then augment the model to allow for aggregate risk and measure the impact on the optimal level. We show that the cyclical behavior of the economy has a quantitative impact on this level that can be decomposed into the effects of the aggregate productivity shock and the cyclicality of unemployment. Moreover, we find that matching wealthdistribution statistics substantially changes the optimal level of public debt.
dc.relation.isversionofjnlnameMacroeconomic Dynamics
dc.relation.isversionofjnlvol21
dc.relation.isversionofjnlissue8
dc.relation.isversionofjnldate2017
dc.relation.isversionofjnlpages1996-2032
dc.relation.isversionofdoi10.1017/S1365100516000092
dc.contributor.countryeditoruniversityotherFRANCE
dc.relation.isversionofjnlpublisherCambridge University Press
dc.subject.ddclabelMacroéconomieen
dc.relation.forthcomingouien
dc.relation.forthcomingprintouien
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewednon
dc.date.updated2018-01-08T09:38:02Z


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