国债规模的均衡数量及优化

笔者基于世代交叠模型,假定政府执行赤字预算体制,在市场结清的均衡状态下得到了确定国债规模与私人资本规模之比值的解析式。通过模拟发现税率、基本财政支出率、产出关于私人资本的弹性等是决定该比值大小的主要因素。

The Quantity Equilibrium and Optimization of Government Debt

Based on a model of overlapping generations,assuming that the government performs a deficit budget regime,the paper obtains the analytical expression of ascertaining the ratio of government debt to private capital in the equilibrium state of markets clearing.It is found through simulation that tax rate,rate of primary government spending and elasticity of output with regard to private capital,etc are the main factors determining the size of the ratio.