In this paper, we study the intertemporal equilibria of an infinite-lived representative agent model with public debt. We show that for a given path of government expenditures, there generally exist a continuum of equilibria depending on various debt policies.
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Find related papers by JEL classification: D9 - Microeconomics - - Intertemporal Choice and Growth E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy H6 - Public Economics - - National Budget, Deficit, and Debt