Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey
成果类型：
Article
署名作者：
Debortoli, Davide; Nunes, Ricardo; Yared, Pierre
署名单位：
Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; University of Surrey; Columbia University; National Bureau of Economic Research
刊物名称：
JOURNAL OF POLITICAL ECONOMY
ISSN/ISSBN：
0022-3808
DOI：
10.1086/713191
发表日期：
2021
页码：
1640-1665
关键词：
摘要：
According to the Lucas-Stokey result, a government can structure its debt maturity to guarantee commitment to optimal fiscal policy by future governments. In this paper, we overturn this conclusion, showing that it does not generally hold in the same model and under the same definition of time consistency as in Lucas-Stokey. Our argument rests on the existence of an overlooked commitment problem that cannot be remedied with debt maturity: a government in the future will not necessarily tax above the peak of the Laffer curve, even if it is ex ante optimal to do so.
来源URL：