Persistent government debt and aggregate risk distribution
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DOI: 10.1016/j.jfineco.2021.01.004
Abstract: Abstract When government debt is sluggish, consumption exhibits lower expected growth, more long-run uncertainty, and more long-run downside risk. Simultaneously, the risk premium on the consumption claim (Koijen et al. 2010;Lustig et al. 2013) increases and features… read more here.
Keywords: debt; government debt; risk; distribution ... See more keywords