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Data — Public Debt Valuation Project
WebApr 28, 2024 · consistent with U.S. post-war data, a government debt valuation puzzle emerges. Since tax revenues are pro-cyclical while government spending is counter … WebApr 28, 2024 · DP16082 The U.S. Public Debt Valuation Puzzle Zhengyang Jiang Hanno Lustig Stijn Van Nieuwerburgh Mindy Xiaolan 28 Apr 2024 The market value of outstanding federal government debt in the U.S. exceeds the expected present discounted value of current and future primary surpluses by a multiple of U.S. GDP. fhb bank zrt
The Us Public Debt Valuation Puzzle - pdfneed.com
WebMar 4, 2024 · The government budget constraint ties the market value of government debt to the expected present discounted value of fiscal surpluses. We find evidence that U.S. … WebFeb 13, 2024 · We resolve this puzzle by postulating a small but persistent component in expected spending growth, and infer it from the market value of the outstanding … WebDec 25, 2024 · The market value of outstanding federal government debt in the U.S. exceeds the expected present discounted value of current and future primary surpluses by a multiple of U.S. GDP. When the pricing kernel fits U.S. equity and Treasury prices and the government surpluses are consistent with U.S. post-war data, a government debt valuation puzzle … hpu games