1 option
The Value of Government Debt / John H. Cochrane.
- Format:
- Book
- Author/Creator:
- Cochrane, John H.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w26090.
- NBER working paper series no. w26090
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2019.
- Summary:
- The market value of government debt equals the present discounted value of primary surpluses. Applying present value decompositions from asset pricing to this valuation equation, I find that half of the variation in the market value of debt to GDP ratio corresponds to varying forecasts of future primary surpluses, and half to varying discount rates. Variation in expected growth rates is unimportant.
- Notes:
- Print version record
- July 2019.
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