中文摘要
我们在一个确定性经济体中考虑最优政府债务期限，在该经济体中政府可以发行任意债务期限结构，且债券价格是政府当前与未来基本盈余的函数。政府序贯地选择政策，考虑到当前选择——其影响未来政策——如何反馈至当前债券价格。我们表明，发行永续债构成了唯一的稳定最优债务组合，因为它提升了政府对未来政策的可信度并降低了债务融资成本。(JEL E62, G12, H61, H63)
Abstract
We consider optimal government debt maturity in a deterministic economy in which the government can issue any arbitrary debt maturity structure and in which bond prices are a function of the government’s current and future primary surpluses. The government sequentially chooses policy, taking into account how current choices—which impact future policy—feed back into current bond prices. We show that issuing consols constitutes the unique stationary optimal debt portfolio, as it boosts government credibility to future policy and reduces the debt financing costs. (JEL E62, G12, H61, H63)