A PARADOX OF THRIFT IN GENERAL EQUILIBRIUM WITHOUT FORWARD MARKETS
成果类型：
Article
署名作者：
Chamley, Christophe
署名单位：
Boston University; Paris School of Economics
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1111/j.1542-4774.2012.01097.x
发表日期：
2012
页码：
1215-1235
关键词：
摘要：
After 2008, the US personal saving rate had its strongest postwar jump, from 2% to 5%, and the investment ratio its sharpest fall from its postwar average of 16% to its lowest level of 12%. The coordination of saving and investment is analyzed here in a theoretical model of general equilibrium with rational expectations and no forward market. Shocks affect preferences for future consumption. A paradox of thrift is proven that formalizes an argument in the General Theory of Keynes but the equilibrium is a constrained Pareto optimum. Textbook fiscal policies are neutral at best, or inefficient.
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