The relationship between public debt, growth and volatility is investigated in a Barro-type (1990) endogenous growth model, with three main features: we consider a small open economy, international borrowing is constrained and households have taste for domestic public debt. Therefore, capital, public debt and the international asset are not perfect substitutes and the economy is characterized by an investment multiplier. Whatever the level of the debt-output ratio, the existing BGP features expectation-driven fluctuations. If the debt-output ratio is low enough, there is also a second BGP with a lower growth rate. Hence, a lower debt does not stabilize the economy with credit market imperfections. However, a high enough taste for domestic public debt may rule out the BGP with lower growth. This means that if the share of public debt held by domestic households is high enough, global indeterminacy does not occur.

在Barro型（1990年）内生增长模型中研究了公共债务，增长与波动之间的关系，该模型具有以下三个主要特征：我们认为开放的经济规模小，国际借款受到限制以及家庭对国内公共债务的偏好。因此，资本，公共债务和国际资产不是完美的替代品，经济具有投资乘数的特征。无论债务产出比率的水平如何，现有的BGP都具有预期驱动的波动。如果债务产出率足够低，则还有另一个BGP增长率较低。因此，较低的债务并不能通过信贷市场的不健全来稳定经济。但是，对国内公共债务的足够高的兴趣可能会排除BGP的较低增长。