We extend and refine Aguiar and Amador (2019)'s contraction approach to Eaton and Gersovitz (1981)'s sovereign debt model. In particular, we encompass time-varying interest rates and growth. We show that, when long-term interest rates exceed growth, equilibrium is unique and can be computed via contraction mapping. The method unifies separate branches of literature, showing that the contraction property is the reflection of previous arbitrage arguments based on replication, inspired by Bulow and Rogoff (1989).

中文翻译：

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关于利率随时间变化的主权违约

我们将 Aguiar 和 Amador (2019) 的收缩方法扩展到 Eaton 和 Gersovitz (1981) 的主权债务模型。特别是，我们涵盖了随时间变化的利率和增长。我们表明，当长期利率超过增长时，均衡是唯一的，可以通过收缩映射计算。该方法统一了不同的文献分支，表明收缩属性是先前基于复制的套利论点的反映，受 Bulow 和 Rogoff (1989) 的启发。