Optimal Fiscal Policy without Commitment: Beyond Lucas-Stokey
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下载链接：
https://www.nber.org/papers/w24522
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资源简介：
According to the Lucas-Stokey result, a government can structure its debt maturity to guarantee commitment to optimal fiscal policy by future governments. In this paper, we overturn this conclusion, showing that it does not generally hold in the same model and under the same definition of time
提供机构：
美国国家经济研究局
创建时间：
2018-04-01
