We construct a continuous-time overlapping generations model with an endogenous growth structure and consider fiscal sustainability under two fiscal rules: (i) the government fixes the budget deficit-to-GDP ratio and (ii) the government fixes the primary balance-to-GDP ratio. Under the constant budget deficit-to-GDP rule, fiscal sustainability is ensured when the initial public debt-to-GDP and budget deficit-to-GDP ratios are sufficiently small. Under the constant primary balance-to-GDP rule, it is difficult to ensure fiscal sustainability when the primary balance is in deficit or zero. However, fiscal sustainability is ensured when the primary balance is in surplus and the initial government debt-to-GDP ratio is sufficiently small.

中文翻译：

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预算政策规则财政可持续性的比较分析

我们构建了一个具有内生增长结构的连续时间重叠代际模型，并考虑了两种财政规则下的财政可持续性：（i）政府固定预算赤字与 GDP 的比率，（ii）政府固定基本余额与 GDP 的比率。 GDP比率。在预算赤字与 GDP 之比恒定的规则下，当初始公共债务与 GDP 之比以及预算赤字与 GDP 之比足够小时，财政可持续性就能得到保证。在基本余额与GDP之比恒定的规则下，当基本余额出现赤字或为零时，很难确保财政可持续性。然而，当基本余额处于盈余且初始政府债务与GDP之比足够小时，财政可持续性就能得到保证。