We consider the overlapping generation model formulated in Dioikitopoulos (J Econ Dyn Control 93:260–276, 2018). Its innovative approach involves endogenous adaptations of the deficit/surplus to debt and income levels through an empirically estimated fiscal policy rule. We improve the analysis of the model in order to tackle the issue of debt sustainability. In detail, we derive the analytic expressions of stationary states of the model as well as necessary and sufficient existence conditions.Moreover, our mathematical analysis sheds new light on the role of fiscal parameters and policy prescriptions. As a result, low deficit levels can be associated with the presence of steady-state configurations, which is a prerequisite for sustainable economic patterns to be achieved.

中文翻译：

---

具有财政政策和债务的OLG模型中债务可持续性的存在性，多样性和政策规定

我们考虑在Dioikitopoulos中制定的重叠世代模型（J Econ Dyn Control 93：260–276，2018）。它的创新方法涉及通过经验估算的财政政策规则对债务/收入水平进行赤字/盈余的内生性调整。我们改进了模型的分析，以解决债务可持续性问题。详细地，我们推导了模型的稳态状态以及必要和充分存在条件的解析表达式。此外，我们的数学分析为财政参数和政策规定的作用提供了新的思路。结果，低赤字水平可能与稳态配置有关，这是实现可持续经济模式的前提。