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Autor(en):
Kuhle, Wolfgang 
Titel:
The Optimum Structure for Government Debt 
Abstract:
This paper studies the structural differences between implicit and explicit government debt in a two-generations-overlapping model with stochastic factor-prices. If a government can issue safe bonds and new claims to wage-indexed social security to service a given initial obligation, there exists a set of Pareto-efficient ways to do so. This set is characterized by the conflicting interests of the current young and the yet unborn generations regarding the allocation of factor-price risks. Howeve...    »
 
Stichworte:
Arbeitspapier/Diskussionspapier 
Jahr:
2010