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Debt, Deficits and Finite Horizons: The Stochastic Case

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Author Info
Roger Farmer
Carine Nourry
Alain Venditti

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Abstract

We introduce a solution technique for the study of discrete time stochastic models populated by long-lived agents. We introduce aggregate uncertainty and complete markets into a 'perpetual-youth' model of a kind first studied by Olivier Blanchard and we show that the pure-trade version of the model behaves much like the two-period overlapping generations model. Our methods are easily generalized to economies with production and they should prove useful to researchers who seek a tractable stochastic model in which fiscal policy has real effects on aggregate allocations.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15025.

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Date of creation: Jun 2009
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Handle: RePEc:nbr:nberwo:15025

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C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - General
E0 - Macroeconomics and Monetary Economics - - General
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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This page was last updated on 2009-11-25.

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