Sovereign Debt Ratchets and Welfare Destruction
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An impatient and risk-neutral government can sell bonds at any time to a more patient group of competitive lenders. The key problem: the government cannot commit to either a particular financing strategy, or a default strategy. Despite risk-neutrality, in equilibrium debt adjusts slowly towards a
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美国国家经济研究局创建时间：
2021-03-01
