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	英語
発行・発表の年月	2017/02
形態種別	学術雑誌
査読	査読あり
標題	Debt policy rules in an open economy
執筆形態	共著(筆頭者)
掲載誌名	Journal of Public Economic Theory
掲載区分	国外
出版社・発行元	Wiley-Blackwell
巻・号・頁	19(1),pp.158-177
著者・共著者	Keiichi Morimoto, Takeo Hori, Noritaka Maebayashi, Koichi Futagami
概要	In a small open economy model of endogenous growth with public capital accumulation, we examine the effects of a debt policy rule under which the government must reduce its debt–GDP ratio if it exceeds the criterion level. To sustain public debt at a finite level, the government should adjust public spending rather than the income tax rate. The long‐run debt–GDP ratio should be kept sufficiently low to avoid equilibrium indeterminacy. Under sustainability and determinacy, a tighter (looser) debt rule brings welfare gains when the world interest rate is relatively high (low).
DOI	10.1111/jpet.12197