Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.jedc.2004.12.005
Title: Second-best public debt with human capital externalities
Authors: Zhang, J. 
Keywords: Externality
Growth
Optimal debt
Transitional dynamics
Issue Date: 2006
Source: Zhang, J. (2006). Second-best public debt with human capital externalities. Journal of Economic Dynamics and Control 30 (2) : 347-360. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jedc.2004.12.005
Abstract: This paper studies optimal public debt in a dynastic model with human capital externalities that cause human capital investment (fertility) to be below (above) its socially optimal level. By reducing fertility and raising human capital investment, the optimal debt can exceed 10% of output for plausible parameterizations.©2005 Elsevier B.V. All rights reserved.
Source Title: Journal of Economic Dynamics and Control
URI: http://scholarbank.nus.edu.sg/handle/10635/19976
ISSN: 01651889
DOI: 10.1016/j.jedc.2004.12.005
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