Data and Code for: When Interest Rates Go Low, Should Public Debt Go High?

Principal Investigator(s):  View help for Principal Investigator(s) Johannes Brumm, Karlsruhe Institute of Technology; Xiangyu Feng, Xiamen University; Laurence Kotlikoff, Boston University; Felix Kubler, University of Zurich

Version:  View help for Version V1

Name File Type Size Last Modified
  1_model 12/01/2023 03:58:AM
  2_calibration_targets 09/14/2023 05:24:AM
LICENSE.txt text/plain 18.2 KB 09/14/2023 01:24:AM
README.pdf application/pdf 373.3 KB 11/30/2023 10:43:PM

Project Citation: 

Brumm, Johannes, Feng, Xiangyu, Kotlikoff, Laurence, and Kubler, Felix. Data and Code for: When Interest Rates Go Low, Should Public Debt Go High? Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-08-20. https://doi.org/10.3886/E193801V1

Project Description

Summary:  View help for Summary The data and code in this replication package reproduce all tables, figures, and all numbers that appear in the text in our manuscript "When Interest Rates Go Low, Should Public Debt Go High?". The package consists of two parts.  The first part numerically solves the OLG models presented in Section 3 through 5 and generates all of the 10 figures, 6 tables as well as calibrated structural parameters in the paper using Matlab. The second part employs three data sources to compute the calibration targets in Section 5 in the paper using R. The replicator should run each part separately, with the first taking  approximately 4-5 hours on an 8-core CPU and the second less than 1 minute.
Funding Sources:  View help for Funding Sources ERC (101042908); Fundamental Research Funds for the Central Universities (2072021144); MOE Project of Key Research Institute of Humanities and Social Sciences at Universities (22JJD790048); the NSFC's Fundamental Scientific Center Project (71988101)

Scope of Project

Subject Terms:  View help for Subject Terms dynamic efficiency; fiscal policy; government debt; real interest rate; risk premium; risk-sharing; social security
JEL Classification:  View help for JEL Classification
      E43 Interest Rates: Determination, Term Structure, and Effects
      E62 Fiscal Policy
      H63 National Debt; Debt Management; Sovereign Debt
Geographic Coverage:  View help for Geographic Coverage U.S. and the rest of the world
Time Period(s):  View help for Time Period(s) 2019 – 2019
Collection Date(s):  View help for Collection Date(s) 10/2020 – 5/2021
Universe:  View help for Universe the U.S. and the rest of the world
Data Type(s):  View help for Data Type(s) aggregate data

Methodology

Data Source:  View help for Data Source Gross Domestic Product [GDP] series, quarterly, 2019. Published by FRED, Federal Reserve Bank of St. Louis.

U.S. International Investment Position, Second Quarter 2020. Published by BEA

Penn world tableversion 10.0. Published by Groningen Growth and Development Centre.
Unit(s) of Observation:  View help for Unit(s) of Observation country, international investment position accounts

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Published Versions

V1 [2024-08-20]

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