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Government Debt and Capital Accumulation in the Blanchard-Cass-Yaari OLG Model

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  • Bo Sandemann Rasmussen

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    (Department of Economics, University of Aarhus, Denmark)

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    Abstract

    It is shown that although government debt in principle has an ambiguous effect on the steady state capital stock in an OLG model of the Blanchard-Cass-Yaari variety, once stability of the steady state equilibrium is imposed there is an unambiguous negative relation between the level of government debt and the capital stock.

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    File URL: ftp://ftp.econ.au.dk/afn/wp/00/wp00_14.pdf
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    Bibliographic Info

    Paper provided by School of Economics and Management, University of Aarhus in its series Economics Working Papers with number 2000-14.

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    Length: 10
    Date of creation:
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    Handle: RePEc:aah:aarhec:2000-14

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    Web page: http://www.econ.au.dk/afn/

    Related research

    Keywords: OLG model; government debt; stability; capital accumulation;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Niels Haldrup & Peter Lildholdt, . "On the Robustness of Unit Root Tests in the Presence of Double Unit Roots," Economics Working Papers 2000-1, School of Economics and Management, University of Aarhus.
    2. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
    3. Niels Haldrup & Peter Lildholdt, . "Local Power Functions of Tests for Double Unit Roots," Economics Working Papers 2000-2, School of Economics and Management, University of Aarhus.
    4. Licun Xue, . "Stable Agreements in Infinitely Repeated Games," Economics Working Papers 2000-13, School of Economics and Management, University of Aarhus.
    5. Elliott, Graham & Jansson, Michael, 2002. "Testing for Unit Roots with Stationary Covariates," University of California at San Diego, Economics Working Paper Series qt4v35s2gv, Department of Economics, UC San Diego.
    6. Effrosyni Diamantoudi & Licun Xue, 2003. "Farsighted stability in hedonic games," Social Choice and Welfare, Springer, vol. 21(1), pages 39-61, 08.
    7. Mark Gertler, 1997. "Government Debt and Social Security in a Life-Cycle Economy," NBER Working Papers 6000, National Bureau of Economic Research, Inc.
    8. Rosholm, Michael & Svarer, Michael, 2001. "Structurally Dependent Competing Risks," IZA Discussion Papers 265, Institute for the Study of Labor (IZA).
    9. Jamsheed Shorish, . "Quasi-Static Macroeconomic Systems," Economics Working Papers 2000-3, School of Economics and Management, University of Aarhus.
    10. Licun Xue, . "A Notion of Consistent Rationalizability - Between Weak and Pearce's Extensive Form Rationalizability," Economics Working Papers 2000-4, School of Economics and Management, University of Aarhus.
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