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Fluctuations macroéconomiques et dette publique


  • Audrey Desbonnet
  • Sumudu Kankanamge


This paper considers the impact of macroeconomic fluctuations on the optimal level of public debt. Households are subject to both aggregate and idiosyncratic risk and insurance market imperfectness prevents them from from fully insuring against risk. We find that the optimal level of public debt is significantly higher in a setting embedding macroeconomic fluctuations than in a simpler idiosyncratic risk framework. Macroeconomic fluctuations modify both the cost and the motive for precautionary saving. Public debt by effectively reducing the cost of precautionary saving help agents to smooth consumption when they face price and employment fluctuations. Classification JEL : E32, E63, H31.

Suggested Citation

  • Audrey Desbonnet & Sumudu Kankanamge, 2008. "Fluctuations macroéconomiques et dette publique," Revue économique, Presses de Sciences-Po, vol. 59(3), pages 583-593.
  • Handle: RePEc:cai:recosp:reco_593_0583

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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household


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