Infinite Debt Rollover in Stochastic Economies
收藏NBER2022-08-01 更新2025-01-04 收录
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https://www.nber.org/papers/w30409
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This paper shows that there is more scope for a borrower to engage in a sustainable infinite debt rollover (a Ponzi scheme) when interest/growth rates are stochastic. In this context, I prove that the relevant r vs. g comparison uses the yield r_{long} to an infinite-maturity zero-coupon bond. I
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美国国家经济研究局创建时间：
2022-08-01
