 | Professor of Economics, University of California Santa Barbara Verified email at econ.ucsb.edu Cited by 3971 |
H Bohn - The Quarterly Journal of Economics, 1998 - qje.oxfordjournals.org
Abstract How do governments react to the accumulation of debt? Do they take corrective
measures, or do they let the debt grow? Whereas standard time series tests cannot reject a
unit root in the US debt-GDP ratio, this paper provides evidence of corrective action: the ...
H Bohn… - Carnegie-Rochester Conference Series on Public …, 1996 - Elsevier
Most states (Vermont is the exception) have constitutional or statutory limitations restricting
their ability to run deficits in the state's general fund. Balanced budget limitations may be
either prospective (beginning-of-the-year) requirements or retrospective (end-of-the-year) ...
H Bohn… - The American Economic Review, 1996 - JSTOR
Over the past 15 years, the share of foreign equities in the aggregate US portfolio increased
from only 2.5 percent to nearly 8 percent. While the US portfolio still exhibits home bias, the
bias has clearly eroded with time. The past 15 years also saw a sizable shift in the ...
H Bohn - Journal of Money, Credit and Banking, 1995 - JSTOR
THE HUGE FEDERAL BUDGET DEFICITS in recent years have raised significant concerns
about the long-run sustainability of US fiscal policy. This has motivated a number of
empirical studies that have examined whether US fiscal policy has been consistent with ...
H Bohn… - American Economic Review, 2000 - JSTOR
The effect of insecure ownership on ordinary investment and natural resource use is
examined. Insecure ownership is postulated to depend on the type of government regime in
power and the prevalence of political violence or instability. The political determinants of ...
H Bohn - The American Economic Review, 1990 - JSTOR
The paper analyzes the optimal structure of government debt in a stochastic environment. In
a model with distortionary taxes, the government should smooth tax rates over states of
nature as well as over time. Government liabilities should be structured to hedge against ...
H Bohn - Journal of Monetary Economics, 1991 - Elsevier
Abstract The paper provides a historical perspective on the issue of whether budget deficits
are typically eliminated by increased taxes or by reduced spending. By examining US
budget data from 1792–1988, I conclude that about 50–65% of all deficits due to tax cuts ...
H Bohn - Journal of Monetary Economics, 1988 - Elsevier
Abstract We study the choice between nominal and indexed debt in a stochastic
macroeconomic model with discretionary monetary and fiscal policy. With distortionary
taxes, nominal debt provides valuable insurance against the budgetary effects of ...
All over the world, declining population growth rates and rising life expectancy are creating
problems for public retirement systems. With a constant population structure, a pay-as-you-
go (PAYGO) social security system could operate at constant tax and replacement rates. ...
Abstract The paper examines the sustainability of US fiscal policy, finding substantial
evidence in favor. I summarize the US fiscal record from 1792-2003, critically review
sustainability conditions and their testable implications, and apply them to US data. I ...
H Bohn - Carnegie-Rochester Conference Series on Public …, 1999 - Elsevier
Yes, subject to concerns about Medicare cost and potentially self-confirming skepticism. The
US social security system (broadly defined, including Medicare) faces significant financial
problems as the result of an aging population. But demographic change is also likely to ...
B Bernanke,
H Bohn… - Journal of Econometrics, 1988 - Elsevier
Abstract This paper develops and compares non-nested hypothesis tests for linear
regression models with first-order serially correlated errors. It extends the non-nested testing
procedures of Pesaran, Fisher and McAleer, and Davidson and MacKinnon, and ...
H Bohn - Journal of International Economics, 1990 - Elsevier
Abstract This paper makes a case for foreign currency debt as a hedging device in an open
economy subject to stochastic shocks to output. A government can reduce uncertainty in
wealth and in consumption by issuing foreign or domestic currency debt if unexpected ...
H Bohn - Journal of Monetary Economics, 2007 - Elsevier
Time series related to fiscal and external deficits are commonly subjected to stationarity and
cointegration tests to assess if the deficits are sustainable. Such tests are incapable of
rejecting sustainability. The intertemporal budget constraint proves to be satisfied if either ...
H Bohn - Journal of Money, Credit and Banking, 1991 - JSTOR
THOUGH WE ARE LIVING IN AN UNCERTAIN WORLD, much of the positive as well as
normative theory of public finance has been developed in the context of certainty models. To
be sure that the policies being studied are actually feasible in the real, stochastic world, ...
H Bohn - 1998 - escholarship.org
Abstract This paper examines the impact of government policy on the allocation of
aggregate risks in a stochastic OG model with production. The market allocation of risk
depends significantly on the young generation's willingness to substitute intertemporally ...
H Bohn - Review of Economic Dynamics, 1999 - Elsevier
In a stochastic economy with overlapping generations, fiscal policy affects the allocation of
aggregate risks. The paper shows how to compute the welfare effects of marginal policy
changes that shift risk across cohorts, in general and for an application to social security ...
H Bohn - Carnegie-Rochester Conference Series on Public …, 1992 - Elsevier
Abstract The paper examines the measurement of government debts and budget deficits.
The main theoretical finding is that accrual-based government accounts are well-defined
and economically relevant, provided taxation is distortionary on the margin. The empirical ...
H Bohn… - … Reserve Bank of …, 1997 - econ.ucsb.edu
Social security is in trouble. With declining population growth and rising life-expectancy, the
cost of social security benefits is rising relative to payroll tax revenues. As result, the social
security retirement fund is expected to run out around 2030. 1 Recently, the Advisory ...
H Bohn - 2001 - papers.ssrn.com
Abstract: Aging societies will have to rely increasingly on private savings to finance
retirement. The natural savings vehicles, stocks and bonds, are unfortunately lacking key
risk-sharing features that are built into public retirement. Innovative government debt ...
H Bohn - Sustainability of public debt, 2008 - books.google.com
The US fiscal balance has shown tremendous variation in recent years. Large budget
deficits in the 1980s and early 1990s triggered a substantial literature examining the
sustainability of US budget deficits. Concerns about US budget deficits evaporated in the ...
H Bohn, C Stuart… - 2003 - papers.ssrn.com
Abstract: We derive median-voter results and study the shape of redistributional taxes when
voters elect a candidate who imposes taxes to maximize own utility. Under general
conditions, a median-productivity candidate is a Condorcet winner. The imposed tax ...
H Bohn - The Economic Journal, 1992 - JSTOR
The main implication of the Ricardian approach to budget deficits (Barro, I974, i989) 1 is the
prediction that consumers do not spend more when they receive a deficit-financed tax cut.
The argument is that rational forwardlooking individuals save the additional disposable ...
H Bohn - Journal of Monetary Economics, 2009 - Elsevier
Risk-sharing implications of alternative fiscal policies are compared in a stochastic
production economy with overlapping generations. Ex ante efficiency is shown to be
achievable with optimal transfers, regardless of distributional concerns. For CRRA ...
H Bohn - Pension Research Council Working Paper, 2005 - papers.ssrn.com
Abstract: Many governments promise pension and medical benefits to their elderly citizens.
As the world is aging, the burden of retiree benefits is becoming painfully obvious.
Uncertainty about the future makes planning for retiree benefits even more difficult. Who ...
H Bohn - Journal of Money, Credit and Banking, 1991 - JSTOR
Acash-IN-ADVANCE CONSTRAINT has become a popular device for introducing money
into macroeconomic equilibrium models [see, for example, Clower (1967), Lucas (1980,
1982, 1984, 1988), Helpman and Razin (1984), Svensson (1985), Lucas and Stokey ( ...
H Bohn - Journal of International Economics, 1991 - Elsevier
Abstract This paper shows that in an open economy time-consistency problems are created
not only by nominal government debt, but also by nominal private debt to foreigners. Given
any external nominal debt, inflation redistributes wealth between domestic residents and ...
H Bohn - Journal of Economic Behavior & Organization, 1987 - Elsevier
Abstract This paper presents an analysis of principal/multiple-agent problems when there
are monitoring possibilities. A principal/owner of a firm has to decide whether or not to
employ one or more supervisors who can observe noisy signals on the workers/agents' ...
H Bohn - Journal of Monetary Economics, 1994 - Elsevier
Abstract Several recent papers on dynamically optimal taxation have derived indeterminacy
results regarding state-contingent capital taxation in stochastic equilibrium models with state-
contingent government debt. I show that these results rely crucially on the assumption that ...
H Bohn - Journal of Money, Credit and Banking, 1999 - JSTOR
Historically, average real returns on US government debt have been far below the rate of
economic growth, allowing the US government to roll over its debt at a remarkably low cost.
At the same time, the rate of return on capital has generally been above the growth rate, ...
H Bohn… - Managing capital flows and exchange rates. …, 1998 - books.google.com
During the 1990s, US purchases of Asian securities increased more than tenfold. By the end
of 1995, US investment in Asian equity and bond markets accounted for over 20 percent of
the US foreign portfolio. In this chapter we examine the factors that drive US portfolio ...
H Bohn… - 1991 - finance.wharton.upenn.edu
Abstract In recent years, a number of empirical studies have examined the long-run
sustainability of US debt policy. Some studies conclude that US fiscal policy has been
sustainable, others disagree. This paper argues that the issue should be reexamined, ...
H Bohn… - Economica, 1993 - JSTOR
Models of coordination failure have equilibria that are not first-best because of externalities.
Usually these models display multiple equilibria. We provide an example of how the
existence of some economic institutions and government policies can be explained as ...
H Bohn - CESifo Working Paper Series No. 2649, 2009 - papers.ssrn.com
Abstract: This paper examines a static voting model for public pensions. The key premise is
that families can internalize the cost and benefits of pay-as-you-go programs. A family
realizes a net gain if its members collectively receive more in benefits in the current period ...
H Bohn - G-20 Workshop on Demography and Financial Markets …, 2006 - econ.ucsb.edu
Abstract The paper examines the implications of population ageing in an environment of
increasingly mobile capital and labour. I first present three benchmark models for world
savings, capital-output ratios and returns to capital and then examine their relevance for ...
H Bohn - FinanzArchiv: Public Finance Analysis, 2011 - ingentaconnect.com
Abstract: The rapidly growing federal government debt has become a concern for policy
makers and the public. Yet the US government has seemingly unbounded access to credit at
low interest rates. Historically, Treasury yields have been below the growth rate of the ...
H Bohn - Journal of Money, Credit and Banking, 2002 - JSTOR
The paper examines alternative options for managing public debt and public assets in a
government balance sheet framework that includes the Treasury, the Federal Reserve, and
Social Security. Even after September 11, US fiscal policy is on a trajectory to accumulate ...
[CITATION] Risk Sharing in a Stochastic Overlapping Generations Model
H Bohn - University of California, Santa Barbara, 1998
[CITATION] The US investment portfolio and the ICAPM
H Bohn… - Unpublished manuscript, University of California at …, 1995
[CITATION] Are Stationarity and Cointegration Restrictions Necessary for the Intertemporal Budget Constraint?
H Bohn - 2004 - working paper, UC-Santa Barbara
[CITATION] The US Investment Portfolio and Mean-Variance Optimization
H Bohn… - University of California at Santa Barbara working paper, 1995
[CITATION] Risk sharing in a stochastic overlapping generations economy. University of California
H Bohn - 1988 - Santa Barbara. Mimeo
H Bohn - 2010 - papers.ssrn.com
Abstract: The paper examines alternative arrangements for intergenerational risk sharing in
a small open economy subject to macroeconomic disturbances. Under certain conditions,
private pension funds can provide substantial risk sharing across generations. Private risk ...
[CITATION] Fiscal Policy and the Mehra-Prescott Puzzle: On the Welfare Implications of Budget Deficits When Real Interest Rates are Low
H Bohn - University of California at Santa …, 1993 - Department of Economics, UC Santa …
[CITATION] Financial markets and the macroeconomy
H Bohn - 1986 - Stanford University
[CITATION] Voting over Non-Linear Taxes in a Stylized Representative Democracy
H Bohn… - 2001 - Mimeo, University of California at …
H Bohn - 1986 - en.scientificcommons.org
Publikationsansicht. 17367756. Monitoring multiple agents : The role of hierarchies. Bohn,
Henning. Details der Publikation. Download, http://www.sciencedirect.com/science/article/B6V8F-
45F91CR-67/2/9cc8bee5df9bc25bcc67028d11a4695e. Archiv, RePEc (Germany). Typ, article ...
[CITATION] Will Social Security Remain Viable as the US Population is Aging?
H Bohn - UC Santa Barbara, manuscript, 1998
H Bohn - Carnegie-Rochester Conference Series on Public …, 1992 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. In case of further problems read the IDEAS help page. Note that these files are
not on the IDEAS site. Please be patient as the files may be large.
Most state and local retirement plans strive for full funding, at least by actuarial standards.
Funding measured at market values fluctuates and often falls short. A common argument for
full funding is that pensions are a form of deferred compensation that does not justify a ...
[CITATION] Social Security Reform and Financial Markets
B Henning - Prepared for Presentation at the Federal Reserve Bank …, 1997
[CITATION] Inference problems in assessing the sustainability of government policy
H Bohn - UC Santa Barbara, 1994
H Bohn - Journal of Monetary Economics, 1995 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. In case of further problems read the IDEAS help page. Note that these files are
not on the IDEAS site. Please be patient as the files may be large.
[CITATION] Comments on “Accounting for social security, revised.”
[CITATION] Retirement savings in an aging society: A case for innovative debt management
H Bohn - Aging, Financial Markets and Monetary Policy, 2002 - Berlin: Springer-Verlag
H Bohn… - 1997 - econ.ucsb.edu
E0 [∑ t≥ 0 MRS0, t⋅ Zt]= D* 0 where MRSi, t= βt-i⋅(cI t/cI i)-α= βt-i⋅(Yt/Yi)-α (for i≤ t, α= αI)
is the pricing kernel, Zt= Tt-Gt=(YtcT t)-g⋅ Yt=(1-g)⋅ Yt-cT t is the primary surplus, and D*
0=(1+ R0)· D-1 is the initial debt. Type-I can be ignored in the welfare function, because ...
[CITATION] Let's Pay Lower Taxes: Revenue Extraction by Median Voters
H Bohn… - 2011 - Working Paper
[CITATION] Ownership Risk, Capital Investment, and the Use of Natural Resources
H Bohn… - American Economic Review, 2003
[CITATION] US Portfolio Investment in Asian Capital Markets" in Managing Capital Flows and Exchange Rates, ed. by Reuven Glick (Cambridge University Press)
H Bohn… - 1998
H Bohn - Journal ofMonetaiy, 1985 - en.scientificcommons.org
Publikationsansicht. 33025525. Why do we have nominal government debt? Bohn, Henning.
Details der Publikation. Download, http://www.sciencedirect.com/science/article/B6VBW-46BHT5H-
C/2/23238870b4e4f6e329a5a0a3a81f0d98. Archiv, RePEc (Germany). Typ, article. ...
H Bohn… - 2011 - econ.ucsb.edu
Abstract We calculate the harm a birth imposes on others when greenhouse gas emissions
are a problem and a cap limits emissions damage. This negative population externality,
which equals the corrective Pigovian tax on having a child, is substantial in calibrations. In ...
[CITATION] Social Security and Demographic Uncertainty, published in Campbell, John Y. and Martin Feldstein: Risk Aspects of Investment&Based Social Security …
H Bohn - 2001 - University of Chicago Press
H Demsetz, LJ Kotlikoff,
H Bohn… - Contemporary …, 1996 - en.scientificcommons.org
Abstract The paper examines alternative arrangements for intergenerational risk sharing in a
small open economy subject to macroeconomic disturbances. Under certain conditions,
private pension funds can provide substantial risk sharing across generations. Private risk ...
AJ Auerbach, B Budget, E Deficit, HA GRH,
H Bohn… - analysis - media.johnwiley.com.au
C Canada, 1–26 ''1985 Plan''overview, 4–5 ''1995 Plan''overview, 5–7 emergence of debt
problems in, 2–4 expenditure adjustments in, 14, 17–21 fiscal adjustment plan in, xvii, xix
macroeconomic developments in, 7–13 pension reform in, 17, 23 public support for debt ...
H Bohn - Rodney L. White Center for Financial Research … - ideas.repec.org
The paper explores how the structure of government debt affects the budget in a stochastic
environment. In the theoretical part, I present two models that motivate why governments
should care about the risk inherent in its choice of liabilities. The models are based on tax- ...
H Bohn - 1984 - gsbapps.stanford.edu
Abstract The paper applies some game-theoretic and incentive arguments to the analysis of
fiscal federalism. First, decentralized taxation in a setting with agents having costly
opportunities to move across states is modeled as a game between state governments. A ...
H Bohn - Rodney L. White Center for Financial Research … - ideas.repec.org
The paper derives the government budget constraint and studies the sustainability of deficits
in a stochastic, dynamically efficient economy. Contrary to the intuition based on certainty
models, policies with permanent expected primary deficits can be sustainable. Even an ...
H Bohn - 2011 - papers.ssrn.com
Pennacchi, G., and C. Lewis. 1999. Valuing insurance for defined-benefit pension plans. In
Advances in futures and options research, vol. 10, ed. P. Boyle, G. Pennacchi, and P.
Ritchken, 135–69. Greenwich, CT: JAI Press. Roll, R. 1977. A critique of the asset pricing ...
[CITATION] Gramlich, Edward M. Is It Time to Reform Social Security?
H Bohn - Journal of economic literature, 1999 - AMERICAN ECONOMIC ASSOC
Faculty Directory. Henning Bohn Professor Ph.D., Stanford University (macroeconomics,
international economics, public economics). contact information. ... Fall 2011 classes taught. Econ
204A - Macroeconomic Theory - TR 500-615. Henning Bohn's homepage. Henning Bohn. ...
H Bohn - Rodney L. White Center for Financial Research … - ideas.repec.org
The paper studies the sustainability of government budget deficits in a stochastic economy.
The general equilibrium setting permits a rigorous derivation of the relevant transversality
conditions and intertemporal budget constraints. The transversality condition on ...
Abstract Aging societies will have to rely increasingly on private savings to finance
retirement. The natural savings vehicles, stocks and bonds, are unfortunately lacking key
risk-sharing features that are built into public retirement. Innovative government debt ...
H Bohn… - 1987 - finance.wharton.upenn.edu
Abstract This paper develops a framework that integrates macroeconomic analysis and
consumption-oriented asset valuation. All behavioral relations and valuation formulae are
derived as results of optimal decisions of individuals or firms. Using the endogeneity of ...
H Bohn - Rodney L. White Center for Financial Research … - ideas.repec.org
Many analyses of debt policy assume exogenous government expenditures. Instead, we use
an optimizing model in which the government selects values of taxes, spending, and debt to
maximize welfare. If demand for publicly provided goods is elastic, a debt-financed tax cut ...
Abstract The paper develops a voting model for public pensions based on the assumption
that families can coordinate their voting. A family profits from a public pension program if its
retired members receive more benefits than the working members pay in taxes. Given a ...
H Bohn - Technical Appendices, 1999 - economicdynamics.org
Rk t+ 1=-πRk⋅^ kt+ 1+ πRk⋅^ at+ 1+ v/Rk⋅^ vt+ 1, where πRk=(1-v/Rk)⋅(1-α)> 0. To satisfy
the Euler equations (4), the bonds and equity returns must vary with the capital-labor ratio in
the same way as the return on capital. Their dependence on shocks is different, however, ...
H Bohn - The Economists' Voice, 2006 - ideas.repec.org
< p> Martin Feldstein's recent article on US capital income taxes perpetuates the myth that
capital gains are taxed at 15 percent: yet once the AMT, child tax credits and state taxes are
taken into account, the top effective rate is at least 35.8 percent.</p>
[CITATION] Comment on Lans Bovenberg and Harald Uhlig's “Pension Systems and the Allocation of Macroeconomic Risk”
H Bohn… - CESifo Working Paper Series No. 3462, 2011 - papers.ssrn.com
Abstract: This paper analyzes government commitments to ongoing spending programs that
require future outlays. Spending commitments are important for understanding partisan
politics because they constrain future governments. In a model with one government good ...
Abstract This paper examines the choice between alternative debt and deficit responses in
an overlapping generations (OG) setting. The OG model is a convenient framework for
making interest rates sensitive to the supply of public debt and for distinguishing between ...
H Bohn - Rodney L. White Center for Financial Research … - ideas.repec.org
The paper shows how a cash-in-advance model of money demand can be written in a way
that combines a simple, yet empirically defensible, money demand equation with tractability
in asset pricing. Return premia are determined as in the standard barter exchange model, ...
K Arat, J Basdew, DE Bloom,
H Bohn… - DEMOGRAPHY … - aideffectiveness.zunia.org
406 List of Conference Participants List of Conference Participants Kursad Arat Central Bank
of the Republic of Turkey Jayanthi Basdew National Treasury, South Africa David E Bloom Harvard
University Henning Bohn University of California, Santa Barbara Axel Börsch-Supan ...
W Bagehot, W Bailey, R Barrel… - International capital …, 1999 - books.google.com
Name Index Aghion, Philippe, 366n8, 369nl2 Aitken, Brian, 345n9 Akeriof, George, 367
Alterman, William, 150t Bagehot, Walter, 223, 226 Bailey, W., 279, 280 Bank for International
Settlements (BIS), 121t, 141t, 142t, 144, 146, 157t, 159t, 212nl2, 215nl6, 216t, 217, ...
H Bohn… - Rodney L. White Center for Financial …, 1989 - ideas.repec.org
The existence of nominal wage and debt contracts is a puzzle. In a model with strategic
complementarities, where imperfectly competitive firms inefficiently underinvest, nominal
wage or debt contracts are shown to be preferred to indexed contracts. Nominal contracts ...
J Abraham, T Adachi, FG Adams, S Allgood… - Taylor & Francis
The editor and associate editors are grateful for the help of the following referees from October
11, 2005 to October 10, 2006.. ... William L. Goffe State University of New York–Oswego Robert
J. Gordon Northwestern University William Greene New York University Steven A. ...
[CITATION] Public debt management: Oxford[ua], Oxford Univ. Press, 1999
H Bohn - Journal of economic literature, 2001
C Stuart… - 2011 - escholarship.org
Abstract: We calculate the harm a birth imposes on others when greenhouse gas emissions
are a problem and a cap limits emissions damage. This negative population externality,
which equals the corrective Pigovian tax on having a child, is substantial in calibrations. In ...
H Bohn… - 2011 - econ.ucsb.edu
Abstract Harford (1998) shows that when people generate negative externalities, then a birth
also generates a negative externality and efficiency requires Pigovian taxes on having
children. We calculate the size of this population externality in a specific case. We ...
H Bohn - Rodney L. White Center for Financial Research … - econpapers.repec.org
Related works: Working Paper: Time Consistency of Monetary Policy in the Open Economy
(Revision of 33-88) (Reprint 010) This item may be available elsewhere in EconPapers: Search
for items with the same title. ... This site is part of RePEc and all the data displayed here is ...
H Bohn… - 1989 - finance.wharton.upenn.edu
Abstract The existence of nominal wage and debt contracts is a puzzle. In a model with
strategic complementarities, where imperfectly competitive firms inefficiently underinvest,
nominal wage or debt contracts are shown to be preferred to indexed contracts. Nominal ...
H Bohn - Weiss Center Working Papers, 1990 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
B Henning - ukpmc.ac.uk
The paper examines alternative options for managing public debt and public assets in a
government balancesheet framework that includes the Treasury, the Federal Reserve, and
social security. Even after September 11, US fiscal policy is on a trajectory to accumulate ...
H Bohn - Rodney L. White Center for Financial Research … - econpapers.repec.org
Related works: Working Paper: Budget Balance Through Revenue or Spending Adjustments
? Some Historical Evidence for the United States (Reprint 013) This item may be available elsewhere
in EconPapers: Search for items with the same title. ... This site is part of RePEc and all ...
H Bohn - Rodney L. White Center for Financial Research … - ideas.repec.org
The paper is concerned with time-consistency problems caused by monetary policy in an
open economy. The temptation to generate surplus inflation is shown to depend positively
on the amounts of nominal debt issued by the government or issued by individuals. ...
H Bohn - 2006 - 217.110.34.245
... Frankfurt am Main, 6 – 7 July 2006 Henning Bohn (University of California Santa Barbara and
CESifo) Demographic change, world savings and financial markets ... Page 2. Demographic Change,
World Savings, and Financial Markets By Henning Bohn* Department of Economics ...
[CITATION] On Cash-in Advance Models of Money Demand and Asset Pricing: By Henning Bohn
H Bohn… - 1989 - Rodney L. White Center for Financial …
H Bohn - Rodney L. White Center for Financial Research … - ideas.repec.org
Many analyses of debt policy assume exogenous government expenditures. Instead, I use
an optimizing model in which the government endogenously selects values of taxes,
spending, and debt to maximize welfare. If demand for publicly provided goods is elastic, ...
• Set of panel regressions–across countries and over time (Tables 7-9)• Dependent
variables: Share of US equities in each country's world stock portfolio. Share of US bonds in
each country's world bond portfolio.• List of determinants (with effects):-Financial ...
Abstract This paper examines a static voting model for public pensions. The key premise is
that families can internalize the cost and benefits of pay-as-you-go programs. A family
realizes a net gain if its members collectively receive more in benefits in the current period ...
Create email alert
About Google Scholar - All About Google - My Citations
©2012 Google