宏观经济学教辅资料 (4).pdf

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1、Chapter14:PublicDebtChapterSummary:AlookattheU.S.andU.K.debtratiosprovidesahistoricalperspectiveforevaluatingthegovernmentanddeficits.StudentsshouldnotethatthedebttoGDPratiotendstopeakduringwartimeandrecedesafterward.Thegovernmentbudgetconstraintintroducedinc

2、hapter12isaugmentedtoincluderealinterestpaymentsandthechangeinrealdebt.TheconceptofRicardianEquivalencethatgovernmentsavingandhouseholdsavingaresubstitutes;studentsshouldrecognizethatgovernmentbondsimposeafuturetaxburdenthatisequal(inpresentvalueterms)tothecu

3、rrentdeficit.Therefore,theimpactofthedeficitonhouseholdbudgetconstraintisnodifferentfromabalancedbudget.Theresultisthatdeficitsdonotchangetheintertemporalpatternofspendingintheeconomy.TaxcutsmayhaverealeffectsonGDPiftheyalterthetimingofhousehold’sdecisions;if

4、thetaxisimposedonincomefromlaborandcapital,changesinthetaxratewillcreateintertemporalsubstitutioneffectsonlaborsupplyandinvestment.Theseintertemporaldistortionscanbeavoidedbytax-ratesmoothing-maintainingfairlystabletaxratesovertime.Oneoftheconclusionsofthisch

5、apteristhatdeficitfinancingisnotparticularlyimportant;however,thegovernmentspendingwhichitfinancesisimportant.Governmentspendingimposesopportunitycostsonsocietywhetheritisfinancedbyissuingdebt,raisingtaxes,orevenopenmarketoperations(seethe“BacktoRealitysectio

6、nonpage359).Thetendencyinrecentdecadesforgovernmentspendingtogrowovertimehasgivenrisetothepossibilityofstrategicdeficits-deficitswhichcreatepublicconcernovergovernmentfinancesandcreatepublicpressuretolimitthegrowthofgovernmentprograms.TheReagandeficitsofthe19

7、80’smayhavebeenmotivatedbytheseconcerns.Thestandardviewofabudgetdeficit,inwhichRicardianequivalencefails,isthatincreasinggovernmentdebtleadstohigherinterestratesandlowerlevelsofinvestment.OnepossiblereasonforRicardianequivalencetofailisthatthelifetimesofthecu

8、rrentgenerationoftaxpayersisfinite,whichimpliestheymaybeabletoimposethefuturetaxesontoanothergenerationoftaxpayers.Inthiscase,ataxcutwillbetreatedasanincreaseintheirwealth.Thismaybeoffset