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
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美国国家经济研究局创建时间：
2019-08-01
