Anticipated Budget Deficits and the Term Structure of Interest Rates

This paper investigates the implications of government deficits in an overlapping generations consumption loan model with longterm assets. The only asset in the economy is a real consol issued by the government and serviced by lumpsum taxes on the young. We explore here the time path of short and本文针对纳入长期资产的世代交叠消费贷款模型（overlapping generations consumption loan model），探讨政府赤字的经济影响。该经济体中仅存在一类资产：由政府发行的实际统一公债（real consol），其本息由针对年轻群体的一次性总付税（lump-sum taxes）偿付。本文在此探讨短期与（原文未完整给出）的时间路径。