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英文标题：
《Optimal Taxation with Endogenous Default under Incomplete Markets》
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作者：
Demian Pouzo and Ignacio Presno
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最新提交年份：
2016
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英文摘要：
In a dynamic economy, we characterize the fiscal policy of the government when it levies distortionary taxes and issues defaultable bonds to finance its stochastic expenditure. Default may occur in equilibrium as it prevents the government from incurring in future tax distortions that would come along with the service of the debt. Households anticipate the possibility of default generating endogenous credit limits. These limits hinder the government\'s ability to smooth taxes using debt, implying more volatile and less serially correlated fiscal policies, higher borrowing costs and lower levels of indebtedness. In order to exit temporary financial autarky following a default event, the government has to repay a random fraction of the defaulted debt. We show that the optimal fiscal and renegotiation policies have implications aligned with the data.
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中文摘要：
在动态经济中，当政府征收扭曲性税收并发行可违约债券为其随机支出融资时，我们描述了政府的财政政策。违约可能会在均衡状态下发生，因为它可以防止政府在未来因偿还债务而产生税收扭曲。家庭预计违约可能会产生内生信贷限额。这些限制阻碍了政府利用债务来平滑税收的能力，这意味着财政政策更不稳定，相关性更小，借贷成本更高，债务水平更低。为了在违约事件发生后退出暂时的金融自给自足，政府必须偿还违约债务的随机部分。我们表明，最优财政和重新谈判政策具有与数据一致的影响。
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分类信息：
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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