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- W3144421535 abstract "It is well known that rational bubbles can be sustained in balanced growth path of a deterministic economy when the return to capital r is equal to the growth rate g. When there is a lack of stores of value, bubbles can implement an e¢ cient allocation. This paper considers a world where r auctuates over time due to shocks to the marginal productivity of capital. Then, bubbles further e¢ ciency, though they cannot implement Orst best. While bubbles can only be sustained when r = g in a deterministic economy, r > g on average in a stochastic economy. Fiscal policy improves welfare by adding an extra asset. Where only the elderly contribute to shifting resources between investment and consumption in a bubbly economy, Oscal policy allows part of that burden to be shifted to the young. Contrary to common wisdom, trade in bubbly assets implements intergenerational transfers, while Oscal policy implements intragenerational transfers. Hence, while bubbles and Oscal policy are perfect substitutes in the deterministic economy, Oscal policy dominates bubbles in a stochastic economy. For plausible parameter values, a higher degree of dynamic ine¢ ciency should lead to a higher sovereign debt." @default.
- W3144421535 created "2021-04-13" @default.
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- W3144421535 date "2016-01-01" @default.
- W3144421535 modified "2023-09-23" @default.
- W3144421535 title "Secular stagnation, rational bubbles, and fiscal policy" @default.
- W3144421535 hasPublicationYear "2016" @default.
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