Dynamic efficiency, the rickless rate and debt
Ponzi games under uncertainty
by Olivier Blanchard
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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.
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Dynamic efficiency, the rickless rate and debt: Ponzi games under uncertainty
2001, Massachusetts Institute of Technology, Dept. of Economics
in English
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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.
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| August 13, 2020 | Edited by MARC Bot | remove fake subjects |
| April 30, 2011 | Created by ImportBot | initial import |