作者：Cole, HL; Kehoe, TJ
作者单位：Federal Reserve System - USA; University of Minnesota System; University of Minnesota Twin Cities
摘要：We characterize the values of government debt and the debt's maturity structure under which financial crises brought on by a loss of confidence in the government can arise within a dynamic, stochastic general equilibrium model. We also characterize the optimal policy response of the government to the threat of such a crisis. We show that when the country's fundamentals place it inside the crisis zone, the government may be motivated to reduce its debt and exit the crisis zone because this lead...
