摘要翻译：
在世代重叠的框架下，我们研究了单纯的政府债务临时变动对经济活动的影响，以及债务乘数与债务水平之间的关系。债务乘数是正的，但在正常时期相当小，而在危机期间要大得多。而且，随着债务水平的稳定而增加。因此，在衰退期间呼吁财政整顿似乎是不明智的。最后，稳定状态下债务与GDP之比水平的上升提高了稳定状态下的实际利率，为货币政策应对通货紧缩冲击提供了更大的回旋余地。
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英文标题：
《The public debt multiplier》
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作者：
Alice Albonico, Guido Ascari, Alessandro Gobbi
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最新提交年份：
2020
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分类信息：

一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
We study the effects on economic activity of a pure temporary change in government debt and the relationship between the debt multiplier and the level of debt in an overlapping generations framework. The debt multiplier is positive but quite small during normal times while it is much larger during crises. Moreover, it increases with the steady state level of debt. Hence, the call for fiscal consolidation during recessions seems ill-advised. Finally, a rise in the steady state debt-to-GDP level increases the steady state real interest rate providing more room for manoeuvre to monetary policy to fight deflationary shocks.
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