Persistent Government Debt and Aggregate Risk Distribution
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https://www.nber.org/papers/w26177
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When government debt is sluggish, consumption exhibits lower expected growth, more long-run uncertainty, and more long-run downside risk. Simultaneously, the risk premium on the consumption claim (Koijen et al. (2010), Lustig et al. (2013)) increases and features more positive (adverse) skewness. We
提供机构：
美国国家经济研究局
创建时间：
2019-08-01
