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Optimal Debt Policy (Escolano & Gaspar)

Optimal debt policy under asymmetric risck by Julio Escolano and Vitor Gaspar published by IMF (8/2016). “In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal risks are asymmetric, with large debt-augmenting shocks more likely than commensurate debt reducing shocks…” Blog – 

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