Dynamic efficiency, the rickless rate and debt

Ponzi games under uncertainty

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April 30, 2011 | History

Dynamic efficiency, the rickless rate and debt

Ponzi games under uncertainty

In a dynamically efficienct economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of production economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be feasible even when the average rate of return on bonds is positive. The paper then reveals the structure which underlies these examples. Keywords: Dynamic efficiency, pareto optimality, bubbles, Ponzi games, public debt, riskless rate.

Publish Date
Language
English
Pages
21

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Book Details


Edition Notes

Title from cover.

"November 2001."

Includes bibliographical references (p. 19-21).

Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.

Supported in part by the National Science Foundation.

Published in
Cambridge, MA
Series
Working paper -- 01-41, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 01-41.
Other Titles
Ponzi games under uncertainty

The Physical Object

Pagination
21 p. ;
Number of pages
21

Edition Identifiers

Open Library
OL24639950M
Internet Archive
dynamicefficienc00blan
OCLC/WorldCat
49800527

Work Identifiers

Work ID
OL15720013W

Source records

Internet Archive item record

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April 30, 2011 Edited by ImportBot Added new cover
April 30, 2011 Created by ImportBot Imported from Internet Archive item record