期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2015
出版社：University of Surrey
摘要：The initial government debt-to-GDP ratio and the government'sommitment play apivotal role in determining the welfare-optimal speed of salonsolidation in the man-agement of a debtrisis. If the governmentannotommit, quiklyonsolidating gov-ernment debt is the optimal poliy. If the governmentanommit, for low or moderateinitial government debt-to-GPD ratios, the optimalonsolidation is very slow. A fasterpae is optimal when the eonomy starts from a high level of publidebt, implying highsovereign risk premia, unless these are suppressed via a bailout by o ialreditors. Sim-ple monetary- sal rules with passive sal poliy, designed for an environment withnormal shoks, perform reasonably well in mimiking the Ramsey-optimal response toone-o government debt shoks. When the governmentan issue also long-term bonds underommitment the optimal debtonsolidation pae is slower than in thease ofshort-term bonds only, and entails an inrease in the ratio between long and short-termbonds.
