Optimal Fiscal Policy without Commitment: Beyond Lucas-Stokey
Author
Abstract
Suggested Citation
Note: EFG PE POL
Download full text from publisher
Other versions of this item:
- Davide Debortoli & Pierre Yared & Ricardo Nunes, 2019. "Optimal Fiscal Policy without Commitment: Beyond Lucas-Stokey," 2019 Meeting Papers 926, Society for Economic Dynamics.
References listed on IDEAS
- Niepelt, Dirk, 2014.
"Debt maturity without commitment,"
Journal of Monetary Economics, Elsevier, vol. 68(S), pages 37-54.
- Dirk Niepelt, 2008. "Debt Maturity without Commitment," CESifo Working Paper Series 2500, CESifo.
- ,, 2008. "Debt Maturity without Commitment," CEPR Discussion Papers 7093, C.E.P.R. Discussion Papers.
- Dirk Niepelt, 2008. "Debt Maturity without Commitment," Working Papers 08.05, Swiss National Bank, Study Center Gerzensee.
- repec:fip:fedmsr:410 is not listed on IDEAS
- John H. Cochrane, 2015. "A New Structure for U.S. Federal Debt," Economics Working Papers 15108, Hoover Institution, Stanford University.
- Lustig, Hanno & Sleet, Christopher & Yeltekin, Sevin, 2008.
"Fiscal hedging with nominal assets,"
Journal of Monetary Economics, Elsevier, vol. 55(4), pages 710-727, May.
- Hanno Lustig & Christopher Sleet & Sevin Yeltekin, "undated". "Fiscal Hedging with Nominal Assets," GSIA Working Papers 2006-E35, Carnegie Mellon University, Tepper School of Business.
- Iván Werning, 2007. "Optimal Fiscal Policy with Redistribution," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(3), pages 925-967.
- Faraglia, Elisa & Marcet, Albert & Scott, Andrew, 2010.
"In search of a theory of debt management,"
Journal of Monetary Economics, Elsevier, vol. 57(7), pages 821-836, October.
- Marcet, Albert & Scott, Andrew & Faraglia, Elisa, 2008. "In Search of a Theory of Debt Management," CEPR Discussion Papers 6859, C.E.P.R. Discussion Papers.
- Elisa Faraglia & Albert Marcet & Andrew Scott, 2011. "In Search of a Theory of Debt Management," CEP Discussion Papers dp1083, Centre for Economic Performance, LSE.
- Elisa Faraglia & Albert Marcet & Andrew Scott, 2008. "In Search of a Theory of Debt Management," Working Papers 348, Barcelona School of Economics.
- Faraglia, Elisa & Marcet, Albert & Scott, A., 2011. "In search of a theory of debt management," LSE Research Online Documents on Economics 121745, London School of Economics and Political Science, LSE Library.
- Albert Marcet & Elisa Faraglia & Andrew Scott, 2008. "In Search of a Theory of Debt Management," UFAE and IAE Working Papers 743.08, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Stéphane Guibaud & Yves Nosbusch & Dimitri Vayanos, 2013.
"Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt,"
The Review of Financial Studies, Society for Financial Studies, vol. 26(8), pages 1914-1961.
- Guibaud, Stéphane & Nosbusch, Yves & Vayanos, Dimitri, 2011. "Bond market clienteles, the yield curve and the optimal maturity structure of government debt," LSE Research Online Documents on Economics 29785, London School of Economics and Political Science, LSE Library.
- Stephane Guibaud & Yves NOsbusch & Dimitri Vayanos, 2011. "Bond Market Clienteles, the Yield Curve and the Optimal Maturity Structure of Government Debt," FMG Discussion Papers dp669, Financial Markets Group.
- Stéphane Guibaud & Yves Nosbusch & Dimitri Vayanos, 2013. "Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt," Post-Print hal-03399472, HAL.
- Vayanos, Dimitri & Guibaud, Stéphane & Nosbusch, Yves, 2013. "Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt," CEPR Discussion Papers 9407, C.E.P.R. Discussion Papers.
- Stéphane Guibaud & Yves Nosbusch & Dimitri Vayanos, 2013. "Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt," NBER Working Papers 18922, National Bureau of Economic Research, Inc.
- Mats Persson & Torsten Persson & Lars E. O. Svensson, 2006.
"Time Consistency of Fiscal and Monetary Policy: A Solution,"
Econometrica, Econometric Society, vol. 74(1), pages 193-212, January.
- Persson , Mats & Persson , Torsten & Svensson, Lars E.O., 2004. "Time Consistency of Fiscal and Monetary Policy: A Solution," Seminar Papers 734, Stockholm University, Institute for International Economic Studies.
- Persson, Mats & Persson, Torsten & Svenssor, Lars E. O., 2005. "Time Consistency of Fiscal and Monetary Policy: A Solution," Papers 09-03-2005, Princeton University, Research Program in Political Economy.
- Mats Persson & Torsten Persson & Lars E.O. Svensson, 2005. "Time Consistency of Fiscal and Monetary Policy: A Solution," NBER Working Papers 11088, National Bureau of Economic Research, Inc.
- Svensson, Lars E.O. & Persson, Torsten & Persson, Mats, 2005. "Time Consistency of Fiscal and Monetary Policy: A Solution," CEPR Discussion Papers 4941, C.E.P.R. Discussion Papers.
- Fernández, Raquel & MartÃn, Alberto, 2014.
"The Long and the Short of It: Sovereign Debt Crises and Debt Maturity,"
CEPR Discussion Papers
10322, C.E.P.R. Discussion Papers.
- Raquel Fernández & Alberto Martín, 2015. "The Long and the Short of It: Sovereign Debt Crises and Debt Maturity," Working Papers 818, Barcelona School of Economics.
- Raquel Fernández & Alberto Martin, 2014. "The Long and the Short of It: Sovereign Debt Crises and Debt Maturity," NBER Working Papers 20786, National Bureau of Economic Research, Inc.
- Raquel Fernández & Alberto Martin, 2014. "The long and the short of it: Sovereign debt crises and debt maturity," Economics Working Papers 1459, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2015.
- Buera, Francisco & Nicolini, Juan Pablo, 2004.
"Optimal maturity of government debt without state contingent bonds,"
Journal of Monetary Economics, Elsevier, vol. 51(3), pages 531-554, April.
- Juan Pablo Nicolini & Francisco Buera, 2002. "Optimal Maturity of Governement Debt without state contingent bonds," Department of Economics Working Papers 016, Universidad Torcuato Di Tella.
- Dan Cao & Iván Werning, 2018.
"Saving and Dissaving With Hyperbolic Discounting,"
Econometrica, Econometric Society, vol. 86(3), pages 805-857, May.
- Ivan Werning & Dan Cao, 2017. "Saving and Dissaving with Hyperbolic Discounting," 2017 Meeting Papers 1318, Society for Economic Dynamics.
- Dan Cao & Iván Werning, 2018. "Saving and Dissaving with Hyperbolic Discounting," NBER Working Papers 24257, National Bureau of Economic Research, Inc.
- Cristina Arellano & Ananth Ramanarayanan, 2012.
"Default and the Maturity Structure in Sovereign Bonds,"
Journal of Political Economy, University of Chicago Press, vol. 120(2), pages 187-232.
- Cristina Arellano & Ananth Ramanarayanan, 2008. "Default and the maturity structure in sovereign bonds," Staff Report 410, Federal Reserve Bank of Minneapolis.
- Cristina Arellano & Ananth Ramanarayanan, 2008. "Default and the maturity structure in sovereign bonds," Globalization Institute Working Papers 19, Federal Reserve Bank of Dallas.
- Ananth Ramanarayanan & Cristina Arellano, 2008. "Default and the Maturity Structure in Sovereign Bonds," 2008 Meeting Papers 479, Society for Economic Dynamics.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2017.
"Optimal Time-Consistent Government Debt Maturity,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(1), pages 55-102.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2014. "Optimal Time-Consistent Government Debt Maturity," NBER Working Papers 20632, National Bureau of Economic Research, Inc.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2016. "Optimal time-consistent government debt maturity," Working Papers 16-4, Federal Reserve Bank of Boston.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2016. "Optimal time-consistent government debt maturity," Economics Working Papers 1504, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2016.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2016. "Optimal Time-Consistent Government Debt Maturity," Working Papers 867, Barcelona School of Economics.
- Lucas, Robert Jr. & Stokey, Nancy L., 1983.
"Optimal fiscal and monetary policy in an economy without capital,"
Journal of Monetary Economics, Elsevier, vol. 12(1), pages 55-93.
- Robert E. Lucas Jr. & Nancy L. Stokey, 1982. "Optimal Fiscal and Monetary Policy in an Economy Without Capital," Discussion Papers 532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Fernando Alvarez & Patrick J. Kehoe & Pablo Andrés Neumeyer, 2004.
"The Time Consistency of Optimal Monetary and Fiscal Policies,"
Econometrica, Econometric Society, vol. 72(2), pages 541-567, March.
- Pablo Andres Neumeyer & Fernando Alvarez & Pat Kehoe, 2003. "The Time Consistency of Optimal Monetary and Fiscal Policies," Department of Economics Working Papers 005, Universidad Torcuato Di Tella.
- Luigi Bocola & Alessandro Dovis, 2019.
"Self-Fulfilling Debt Crises: A Quantitative Analysis,"
American Economic Review, American Economic Association, vol. 109(12), pages 4343-4377, December.
- Luigi Bocola & Alessandro Dovis, 2016. "Self-Fulfilling Debt Crises: A Quantitative Analysis," NBER Working Papers 22694, National Bureau of Economic Research, Inc.
- Alessandro Dovis & Luigi Bocola, 2016. "Self_fulfilling Debt Crises: A Quantitative Analysis," 2016 Meeting Papers 1218, Society for Economic Dynamics.
- Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2017.
"Fiscal Policy and Debt Management with Incomplete Markets,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(2), pages 617-663.
- Thomas Sargent & Mikhail Golosov & David Evans & anmol bhandari, 2016. "Fiscal Policy and Debt Management with Incomplete Markets," 2016 Meeting Papers 1284, Society for Economic Dynamics.
- George-Marios Angeletos, 2002. "Fiscal Policy with Noncontingent Debt and the Optimal Maturity Structure," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(3), pages 1105-1131.
- Davide Debortoli & Ricardo Nunes, 2013. "Lack Of Commitment And The Level Of Debt," Journal of the European Economic Association, European Economic Association, vol. 11(5), pages 1053-1078, October.
- Alessandro Dovis, 2019. "Efficient Sovereign Default," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(1), pages 282-312.
Citations
Blog mentions
As found by EconAcademics.org, the blog aggregator for Economics research:- Optimal Fiscal Policy without Commitment: Beyond Lucas-Stokey
by Christian Zimmermann in NEP-DGE blog on 2019-10-19 22:48:17
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2022.
"The Commitment Benefit of Consols in Government Debt Management,"
American Economic Review: Insights, American Economic Association, vol. 4(2), pages 255-270, June.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2021. "The Commitment Benefit of Consols in Government Debt Management," Working Papers 1254, Barcelona School of Economics.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2021. "The commitment benefit of consols in government debt management," Economics Working Papers 1781, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2021.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2021. "The Commitment Benefit of Consols in Government Debt Management," Working Papers 1253, Barcelona School of Economics.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2021.
"Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey,"
Journal of Political Economy, University of Chicago Press, vol. 129(5), pages 1640-1665.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2019. "Optimal fiscal policy without commitment: Revisiting Lucas-Stokey," Economics Working Papers 1687, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2020.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2020. "Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey," Working Papers 1144, Barcelona School of Economics.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2017.
"Optimal Time-Consistent Government Debt Maturity,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(1), pages 55-102.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2014. "Optimal Time-Consistent Government Debt Maturity," NBER Working Papers 20632, National Bureau of Economic Research, Inc.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2016. "Optimal time-consistent government debt maturity," Working Papers 16-4, Federal Reserve Bank of Boston.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2016. "Optimal time-consistent government debt maturity," Economics Working Papers 1504, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2016.
- Davide Debortoli & Ricardo Nunes & Pierre Yared, 2016. "Optimal Time-Consistent Government Debt Maturity," Working Papers 867, Barcelona School of Economics.
- Beetsma, Roel & Giuliodori, Massimo & Hanson, Jesper & de Jong, Frank, 2021.
"The maturity of sovereign debt issuance in the euro area,"
Journal of International Money and Finance, Elsevier, vol. 110(C).
- Beetsma, Roel & Giuliodori, Massimo & Hanson, Jesper & de Jong, Frank, 2019. "The Maturity of Sovereign Debt Issuance in the Euro Area," CEPR Discussion Papers 13729, C.E.P.R. Discussion Papers.
- Perez, Diego J., 2017. "Sovereign debt maturity structure under asymmetric information," Journal of International Economics, Elsevier, vol. 108(C), pages 243-259.
- Nada Azmy Elberry & Frank Naert & Stijn Goeminne, 2023. "Optimal public debt composition during debt crises: A review of theoretical literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 351-376, April.
- Saki Bigio & Galo Nuño & Juan Passadore, 2019.
"A framework for debt-maturity management,"
Working Papers
1919, Banco de España.
- Saki Bigio & Galo Nuño & Juan Passadore, 2019. "A Framework for Debt-Maturity Management," Working Papers 143, Peruvian Economic Association.
- Begoña Domínguez, 2020. "Sustaining Ramsey plans with one-period bonds," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 70(2), pages 387-410, September.
- Equiza-Goñi, Juan & Faraglia, Elisa & Oikonomou, Rigas, 2023.
"Union debt management,"
Journal of International Money and Finance, Elsevier, vol. 130(C).
- Faraglia, Elisa & Oikonomou, Rigas & Equiza-Goñi, Juan, 2016. "Union Debt Management," CEPR Discussion Papers 11181, C.E.P.R. Discussion Papers.
- Equiza-Goni, J. & Faraglia, E. & Oikonomou, R., 2018. "Union Debt Management," Cambridge Working Papers in Economics 1890, Faculty of Economics, University of Cambridge.
- Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2020.
"Manufacturing Risk-free Government Debt,"
NBER Working Papers
27786, National Bureau of Economic Research, Inc.
- Van Nieuwerburgh, Stijn & Jiang, Zhengyang & Lustig, Hanno & Xiaolan, Mindy, 2021. "Manufacturing Risk-free Government Debt," CEPR Discussion Papers 16304, C.E.P.R. Discussion Papers.
- Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2021. "Manufacturing Risk-Free Government Debt," CESifo Working Paper Series 8902, CESifo.
- Jiang, Zhengyang & Lustig, Hanno & Van Nieuwerburgh, Stijn & Xiaolan, Mindy Z., 2020. "Manufacturing Risk-Free Government Debt," Research Papers 3882, Stanford University, Graduate School of Business.
- Basil Guggenheim & Mario Meichle & Thomas Nellen, 2019.
"Confederation debt management since 1970,"
Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 155(1), pages 1-23, December.
- Dr. Basil Guggenheim & Mario Meichle & Dr. Thomas Nellen, 2018. "Confederation debt management since 1970," Working Papers 2018-07, Swiss National Bank.
- Saki Bigio & Galo Nuño & Juan Passadore, 2023.
"Debt-Maturity Management with Liquidity Costs,"
Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 1(1), pages 119-190.
- Saki Bigio & Galo Nuño & Juan Passadore, 2019. "Debt-Maturity Management with Liquidity Costs," NBER Working Papers 25808, National Bureau of Economic Research, Inc.
- Dottori, Davide & Manna, Michele, 2016.
"Strategy and tactics in public debt management,"
Journal of Policy Modeling, Elsevier, vol. 38(1), pages 1-25.
- Davide Dottori & Michele Manna, 2015. "Strategy and tactics in public debt management," Temi di discussione (Economic working papers) 1005, Bank of Italy, Economic Research and International Relations Area.
- Giovanni Callegari & Ramon Marimon & Adrien Wicht & Luca Zavalloni, 2023.
"On a Lender of Last Resort with a Central Bank and a Stability Fund,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 50, pages 106-130, October.
- Giovanni Callegari & Ramon Marimon & Adrien Wicht & Luca Zavalloni, 2023. "Code and data files for "On a Lender of Last Resort with a Central Bank and a Stability Fund"," Computer Codes 23-166, Review of Economic Dynamics.
- Leeper, E.M. & Leith, C., 2016. "Understanding Inflation as a Joint Monetary–Fiscal Phenomenon," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2305-2415, Elsevier.
- Bouakez, Hafedh & Oikonomou, Rigas & Priftis, Romanos, 2018.
"Optimal debt management in a liquidity trap,"
Journal of Economic Dynamics and Control, Elsevier, vol. 93(C), pages 5-21.
- Hafedh BOUAKEZ & Rigas OIKONOMOU & Romanos PRIFTIS, 2016. "Optimal Debt Management in a Liquidity Trap," LIDAM Discussion Papers IRES 2016005, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Romanos Priftis & Rigas Oikonomou & Hafedh Bouakez, 2017. "Optimal Debt Management in a Liquidity Trap," 2017 Meeting Papers 1316, Society for Economic Dynamics.
- Hafedh BOUAKEZ & Rigas OIKONOMOU & Romanos PRIFTIS, 2017. "Optimal Debt Management in a Liquidity Trap," Cahiers de recherche 09-2017, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2018.
"International Reserves and Rollover Risk,"
American Economic Review, American Economic Association, vol. 108(9), pages 2629-2670, September.
- Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2012. "International Reserves and Rollover Risk," NBER Working Papers 18628, National Bureau of Economic Research, Inc.
- Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2016. "International Reserves and Rollover Risk," Working Papers 735, Federal Reserve Bank of Minneapolis.
- Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2013. "International reserves and rollover risk," Working Paper 13-01, Federal Reserve Bank of Richmond.
- Javier Bianchi & Juan Carlos Hatchondo, 2013. "International reserves and rollover risk," Globalization Institute Working Papers 151, Federal Reserve Bank of Dallas.
- Javier Bianchi & Juan Carlos Hatchondo & Mr. Leonardo Martinez, 2013. "International Reserves and Rollover Risk," IMF Working Papers 2013/033, International Monetary Fund.
- Niepelt, Dirk, 2014.
"Debt maturity without commitment,"
Journal of Monetary Economics, Elsevier, vol. 68(S), pages 37-54.
- ,, 2008. "Debt Maturity without Commitment," CEPR Discussion Papers 7093, C.E.P.R. Discussion Papers.
- Dirk Niepelt, 2008. "Debt Maturity without Commitment," Working Papers 08.05, Swiss National Bank, Study Center Gerzensee.
- Dirk Niepelt, 2008. "Debt Maturity without Commitment," CESifo Working Paper Series 2500, CESifo.
- ,, 2018.
"Financial Policy,"
CEPR Discussion Papers
12755, C.E.P.R. Discussion Papers.
- Dirk Niepelt, 2018. "Financial Policy," Diskussionsschriften dp1802, Universitaet Bern, Departement Volkswirtschaft.
- Eidam, Frederik, 2018. "Gap-filling government debt maturity choice," ZEW Discussion Papers 18-025, ZEW - Leibniz Centre for European Economic Research.
More about this item
JEL classification:
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
- H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
NEP fields
This paper has been announced in the following NEP Reports:- NEP-DGE-2018-05-21 (Dynamic General Equilibrium)
- NEP-MAC-2018-05-21 (Macroeconomics)
- NEP-PBE-2018-05-21 (Public Economics)
- NEP-PUB-2018-05-21 (Public Finance)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:24522. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.