場所：大阪大学豊中キャンパス講義棟1階1番講義室 講師：Prof.NengWang(ColumbiaBusinessSchool)発表論文:ApTheoryofGovernmentDebt,Taxes,andInflation(withWeiJiang,ThomasJ.Sargent,andJinqiangYang)講演概要:Anoptimaltaxandborrowingplanlocallypinsdownthemarginalcostofservicinggovernmentdebt,p’.Anoptiontodefaultdeterminesthegovernment’sdebtcapacity.Anoptimalstate-contingentriskmanagementpoliciesmakegovernmentdebtbedebtrisk-free.Optimaldebt-GDPratiodynamicsaredrivenby1)aprimarydeficit,2)interestpayments,3)GDPgrowth,4)hedgingcosts,and5)seigniorage.Hedgingfundamentallyaltersdebttransitiondynamicsandequilibriumdebt-capacities.Wecalibrateourmodelandmakecomparativedynamicquantitativestatementsaboutthedebt-GDPratiotransitiondynamics,equilibriumdebtcapacity,andhowlongitwilltaketheUStoattaindebtcapacity.