Second-best public debt with human capital externalities
| Contribuinte(s) |
C. Chiarella C. H. Hommes W. J. Den Haan |
|---|---|
| Data(s) |
01/01/2006
|
| Resumo |
This paper studies optinnal public debt in a dynastic model with human capital externalities that cause human capital investment (fertility) to be below (above) its socially optimal level. By reducing fertility and raising human capital investment, the optimal debt can exceed 10% of output for plausible parameterizations. |
| Identificador | |
| Idioma(s) |
eng |
| Publicador |
Elsevier |
| Palavras-Chave | #Growth #Transitional dynamics #Optimal debt #Externality #Economics #Endogenous fertility #340102 Macroeconomic Theory #720101 Fiscal policy |
| Tipo |
Journal Article |
