중립성 가설에 관한 소고 = An Analysis on the Neutrality Hypothesis

다국어 초록 (Multilingual Abstract)

This study considers the concept of the Debt Neutrality Hypothesis(DNH) From theoretical and empirical perspectives. The impact of government variables on private-sector consumption is a key issue in assessing the implications of fiscal and monetary policy on the real side of the economy. In fact, there are sharp controversies on this topic, most of which center around the DNH. This so called Neutrality Hypothesis states that, for a given expenditure path, substitution of debt for taxes does not affect private-sector wealth, consumption decisions and consequently savings decisions.
But others believe that the DNH greatly exaggerates the public's perception of and response to the future tax obligations implied by existing government debt.
This paper examines 2 theoretical models illustrating the implications of the DNH, investigates effects of relaxing the basic assumptions, and formally derives policy implications of the DNH from the results. On balence, we prove that an answer to whether the DNH is a good approximation to reality has to come from empirical study and that the debate about the theoretical and empirical validity of the DNH is far from resolved, as the analysis tries to demonstrate.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 이론적 분석
• 1. 기본적 구조
• 2. 중첩세대 모형
• Ⅲ. 주요가정의 완화의 함축성
• Ⅳ. 결론