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A survey of public debt effects in theory-based models

El Mostafa Bentour, Cyriac Guillaumin

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Abstract

Abstract This paper is dedicated to the assessment of government debt effects in the theoretical models. We made an inventory of the most important contributions, modelling the effect of public debt on the behaviour of economic agents. We particularly discussed the public debt effects in (1) the infinitely lived agents (ILA) and the overlapping generations (OLG) models, (2) the endogenous growth models (3) the new political economy of fiscal policy, and, (4) the new Keynesian models. Finally, we conclude with two critiques of Mankiw (2000) for the ILA and OLG models and Chari et al. (2009) for the new Keynesian models.JEL Classification: B22, B23, C51, H54, H63.

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Abstract This paper is dedicated to the assessment of government debt effects in the theoretical models. We made an inventory of the most important contributions, modelling the effect of public debt on the behaviour of economic agents. We particularly discussed the public debt effects in (1) the infinitely lived agents (ILA) and the overlapping generations (OLG) models, (2) the endogenous growth models (3) the new political economy of fiscal policy, and, (4) the new Keynesian models. Finally, we conclude with two critiques of Mankiw (2000) for the ILA and OLG models and Chari et al. (2009) for the new Keynesian models.JEL Classification: B22, B23, C51, H54, H63.

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Available abstract

Abstract This paper is dedicated to the assessment of government debt effects in the theoretical models. We made an inventory of the most important contributions, modelling the effect of public debt on the behaviour of economic agents. We particularly discussed the public debt effects in (1) the infinitely lived agents (ILA) and the overlapping generations (OLG) models, (2) the endogenous growth models (3) the new political economy of fiscal policy, and, (4) the new Keynesian models. Finally, we conclude with two critiques of Mankiw (2000) for the ILA and OLG models and Chari et al. (2009) for the new Keynesian models.JEL Classification: B22, B23, C51, H54, H63.

Key concepts: Overlapping generations model, Economics, Debt, Government debt, New Keynesian economics, Fiscal policy, Keynesian economics, Macroeconomics

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