This study presents voting on policies, including labor and capital income taxes and public debt, in an overlapping-generations model with physical and human capital accumulation, and analyzes the effects of a debt ceiling on a government's policy formation and its impact on growth and welfare. The results show that the debt ceiling induces the government to shift the tax burdens from the older to younger generations, but stimulates physical capital accumulation and may increase public education expenditure, resulting in a higher growth rate. Alternatively, the debt ceiling is measured from the viewpoint of a benevolent planner and lowering the debt ceiling (i.e., tightening fiscal discipline) makes it possible for the government to approach the planner's allocation in an aging society.

本研究在具有物质和人力资本积累的代际重叠模型中对包括劳动和资本所得税和公共债务在内的政策进行投票，并分析债务上限对政府政策形成的影响及其对增长和福利的影响. 结果表明，债务上限促使政府将税收负担从老一代转移到年轻一代，但刺激物质资本积累，并可能增加公共教育支出，从而导致更高的增长率。或者，债务上限是从仁慈的计划者的角度来衡量的，降低债务上限（即收紧财政纪律）使政府有可能在老龄化社会中接近计划者的分配。