モリモト　ケイイチ   MORIMOTO KEIICHI   盛本　圭一    所属   明治大学  政治経済学部    職種   専任准教授
言語種別	日本語
発行・発表の年月	2024/07
形態種別	その他
標題	Term structure and infinite debt rollover in general equilibrium
執筆形態	共著(筆頭者)
掲載誌名	Social Science Research Network eLibrary
掲載区分	国外
出版社・発行元	Elsevier
巻・号・頁	abstract_id=4880952
担当区分	筆頭著者
著者・共著者	Keiichi Morimoto, Shiba Suzuki
概要	Using a general equilibrium model of a pure exchange economy with multiple bonds of different maturities, we design an infinite debt rollover scheme independent of the condition that the economic growth rate exceeds the interest rate, the so-called r < g condition. If term structures of interest rates exist and significantly change according to economic states, the government can form a state-invariant portfolio to gain debt revenue and carry out infinite rollover. Furthermore, we apply the infinite rollover scheme in a two-state model with the government and show that the fiscal stimulus under deficit financing is sustainable regardless of the r < g condition.