流动性陷阱中最优债务管理外文文献.pdfVIP

ARTICLE IN PRESS JID: DYNCON [m3Gsc;February 19, 2018;9:56] Journal of Economic Dynamics Control 000 (2018) 1–17 Contents lists available at ScienceDirect Journal of Economic Dynamics Control journal homepage: /locate/jedc Optimal debt management in a liquidity trap a,∗ b c Hafedh Bouakez , Rigas Oikonomou , Romanos Priftis a Department of Applied Economics, HEC Montréal, 3000 chemin de la Côte-Sainte-Catherine, Montréal, Québec, H3T 2A7, Canada b Université Catholique de Louvain. IRES, Collège L. H. Dupriez, 3 Place Montesquieu 1348 Louvain la Neuve, Belgium c Bank of Canada, 234 Wellington Street West, Ottawa, Ontario, K1A 0G9, Canada a r t i c l e i n f o a b s t r a c t Article history: We study optimal debt management in the face of shocks that can drive the economy Received 25 January 2018 into a liquidity trap and call for an increase in public spending in order to mitigate the Accepted 26 January 2018 resulting recession. Our approach follows the literature of macroeconomic models of debt Available online xxx management, which we extend to the case where the zero lower bound on the short-term