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| 003 | ES-MaIEF | ||
| 005 | 20221117192709.0 | ||
| 007 | ta | ||
| 008 | 221117t2022 us ||||| |||| 00| ||eng d | ||
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_aES-MaIEF _bspa _cES-MaIEF |
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| 100 | 1 |
_aPeterman, William B. _970200 |
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| 245 | 1 | 0 |
_aOptimal public debt with life cycle motives _c by William B. Peterman and Erick Sager |
| 500 | _aResumen | ||
| 504 | _aBibliografía | ||
| 520 | _aThis paper determines optimal public debt in a life cycle model with incomplete markets that matches the empirically observed variation in consumption, labor, and savings. We find that public savings—not public debt—equal to 168 percent of output is optimal, primarily due to the influence of the life cycle on household decision-making. By inducing a lower interest rate, public savings slow consumption and leisure growth over an average household's lifetime, and the resulting flatter allocation of lifetime consumption and leisure improves welfare. These life cycle welfare benefits are large—on net, they outweigh the transitional costs from a tax-financed public debt elimination. | ||
| 650 | 4 |
_aMERCADO DE TRABAJO _947734 |
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| 650 | 4 |
_aDEUDA PUBLICA _942647 |
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| 650 | 4 |
_aAHORRO _99340 |
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| 650 | 4 |
_aCICLOS ECONOMICOS _934579 |
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| 650 | 4 |
_aBIENESTAR SOCIAL _933421 |
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| 650 | 4 |
_aVIVIENDA _948710 |
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| 650 | 4 |
_aESTADOS UNIDOS _942888 |
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| 700 | 1 |
_aSager, Erick _970201 |
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| 773 | 0 |
_9168431 _oOP 2137/2022/4 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x1945-7707 _g v. 14, n. 4, October 2022, p. 404-437 |
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| 942 | _cART | ||