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Title: Second-best public debt with human capital externalities
Authors: Zhang, J. 
Keywords: Externality
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.
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
ISSN: 01651889
DOI: 10.1016/j.jedc.2004.12.005
Appears in Collections:Staff Publications

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