Hallo,
ich schreibe gerade meine Diplomarbeit zum Thema Fiscal Theory of the Price Level und komme an einer Literaturstelle nicht weiter. Nicht weil es englisch ist, sondern weil ich die Logik dahinter nicht kapiere:
Suppose that in the morning of the only day in
model, private agents hold a given amount
of government debt, b. Here and throughout review, we assume government debt is
non-negative: Agents cannot borrow from the
government. In the Sargent and Wallace model,
debt is fixed in real terms; it represents a
commitment to pay a fixed real amount of
goods—for instance, corn.
The government’s budget constraint is given by
b´+ s f + sm =b.
The left and right sides of equation summarize
the sources and uses, respectively, of
corn to the government. The first source of
funds, b´, is corn the government receives from
households that purchase new debt in the
evening. The second term, s f, denotes taxes
net of spending, and the third term, sm, is
seignorage from government-supplied fiat
currency. The right side of the budget constraint,
b, is the principal and interest on past
government debt.
Optimizing households will obviously never
choose b´ > 0, and they are constrained from
setting b´ < 0 by assumption.
Ich kapier folgendes nicht:
Wieso halten private agents irgendwelche Schulden vom Staat?
Was soll dieses b´sein?
Bisherige Erkenntnis:
staatliche Budgetrestriktion: Schulden = Steuern + Seigniorage + ???
Wäre super wenn mir jemand weiterhelfen könnte oder sich jemand meldet der generell Ahnung von der FTPL hat und/oder deutsche Literatur zum Thema kennt.
Gruß
