主題：A p Theory of Government Debt and Taxes

主講人：王能，哥倫比亞大學商學院金融學及房地産講席教授、長江商學院訪問教授

時間：9月27日（周三）上午10:00-11:30

摘要：An optimal tax and borrowing plan determines the marginal cost of servicing government debt, p’, and makes the government’s debt risk-free. An option to default restricts debt capacity. Optimal debt-GDP ratio dynamics are driven by 1) a primary deficit, 2) interest (netting convenience yield) payments, 3) GDP growth, and 4) hedging costs. Hedging influences debt capacity and debt transition dynamics. For plausible parameter values, we make comparative dynamic quantitative statements about debt-GDP ratio transition dynamics, debt capacity, and how long it would take our example economy to attain that calibrated equilibrium debt capacity.