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RIEB, Kobe University Site Map Access 日本語 Home Research & Education Publications RIEB Discussion Paper Series (English) RIEB Discussion Paper Series No.2014-03 RIEB Discussion Paper Series No.2014-03 Title On the (de)Stabilizing Effect of Public Debt In a Ramsey Model with Heterogeneous Agents Abstract We introduce public debt in a Ramsey model with heterogenous agents and a public spending externality aecting utility which is nanced by income tax and public debt. We show that public debt considered as a xed portion of GDP can have a stabilizing or destabilizing eect depending on some fundamental elasticities. When the public spending externality is weak and the elasticity of capital labor substitution is low enough, public debt can only be destabilizing, generating damped or persistent macroeconomic uctuations. Whereas when the public spending externality and the elasticity of capital labor substitution are strong enough, public debt can be stabilizing, driving to monotone convergence an economy experiencing damped or persistent uctuations without debt. Keywords Endogenous cycles, Heterogeneous agents, Public spending, Public debt, Borrowing constraint JEL Classification C62, E32, H23 Inquiries Kazuo NISHIMURA Research Institute for Economics and Business Administration, Kobe University & KIER, Kyoto University Rokkodai-cho, Nada-ku, Kobe 657-8501 Japan Phone: +81-78-803-7036 FAX: +81-78-803-7059 Carine NOURRY Aix-Marseille University (Aix-Marseille School of Economics), CNRS-GREQAM, EHESS & Institut Universitaire de France Thomas SEEGMULLER Aix-Marseille University (Aix-Marseille School of Economics), CNRS-GREQAM & EHESS Alain VENDITTI Aix-Marseille University (Aix-Marseille School of Economics), CNRS-GREQAM, EHESS & EDHEC About RIEB Faculty Seminars at RIEB Research & Education Sections Kobe University Site Policy Site Map Access Contact Us Copyright©1996-2018 Research Institute for Economics and Business Administration, Kobe University. All Rights Reserved.