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   専任教授
言語種別	英語
発行・発表の年月	2025/04
形態種別	その他
標題	Term structure, debt revenue, and infinite rollover in general equilibrium
執筆形態	単著
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=5231455
担当区分	筆頭著者,最終著者,責任著者
著者・共著者	Keiichi Morimoto
概要	Using a general equilibrium model of a pure exchange economy with multiple bonds of different maturities, I design an infinite rollover scheme independent of the condition that the economic growth rate exceeds the interest rate, the so-called r ≤ g condition. While the r ≤ g condition is (not only a sufficient but also a necessary) condition for infinite rollover in an economy with only a single maturity bond, this is not the case in an economy with multiple bonds of different maturities: If term structures of interest rates exist and significantly change according to economic states, there exists a state-invariant portfolio to carry out infinite rollover. I apply the infinite rollover scheme to a two-state model with fiscal policy and show that the fiscal stimulus under deficit financing is sustainable regardless of the r ≤ g condition.