Optimal Debt Policy Under Asymmetric Risk /

In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal risks are asymmetric, with large debt-augmenting shocks more likely than commensurate debt reducing shocks. Asymmetric risks are a feature of 200 years of data for the U....

Ausführliche Beschreibung

Bibliographische Detailangaben
1. Verfasser: Escolano, Julio
Weitere Verfasser: Gaspar, Vitor
Format: Zeitschrift
Sprache:English
Veröffentlicht: Washington, D.C. : International Monetary Fund, 2016.
Schriftenreihe:IMF Working Papers; Working Paper ; No. 2016/178
Online Zugang:Full text available on IMF