Second-best public debt with human capital externalities

被引：4
|
作者：
Zhang, J
机构：
[1] Natl Univ Singapore, Dept Econ, Singapore, Singapore
[2] Univ Queensland, St Lucia, Qld 4067, Australia
来源：
JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2006年 / 30卷 / 02期
关键词：
growth; transitional dynamics; optimal debt; externality;
D O I：
10.1016/j.jedc.2004.12.005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies optinnal public debt in a dynastic model with human capital externalities that cause human capital investment (fertility) to be below (above) its socially optimal level. By reducing fertility and raising human capital investment, the optimal debt can exceed 10% of output for plausible parameterizations. (c) 2005 Elsevier B.V. All rights reserved.
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页码：347 / 360
页数：14
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