Dynamic efficiency, the rickless rate and debt
Ponzi games under uncertainty
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Author
Contributions
- Weil, Philippe - Contributor
- Massachusetts Institute of Technology. Dept. of Economics - Contributor
Publication
2001 - Massachusetts Institute of Technology, Dept. of Economics, Cambridge, MA, Massachusetts
Language
English
Word Count
5,250 words, Guess
Page Count
21 pages
Identifiers
- Internet Archivedynamicefficienc00blan
- OCLC Control Number49800527
- Open LibraryOL24639950M
Alternate Titles
- Ponzi games under uncertainty
Description
In a dynamically efficienct economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of production economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be feasible even when the average rate of return on bonds is positive. The paper then reveals the structure which underlies these examples. Keywords: Dynamic efficiency, pareto optimality, bubbles, Ponzi games, public debt, riskless rate.
Subjects
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