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....
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| 格式: | 雜誌 |
| 語言: | English |
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Washington, D.C. :
International Monetary Fund,
2016.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 2016/178 |
| 在線閱讀: | Full text available on IMF |