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Government debt

Author: Douglas W Elmendorf; N Gregory Mankiw; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6470.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next examines  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Douglas W Elmendorf; N Gregory Mankiw; National Bureau of Economic Research.
OCLC Number: 70068645
Notes: "March 1998."
Description: 1 online resource (90, [1] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6470.
Responsibility: Douglas W. Elmendorf, N. Gregory Mankiw.

Abstract:

Abstract: This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next examines the theoretical and empirical debate over the theory of debt neutrality called Ricardian equivalence. Finally, the paper considers the various normative perspectives about how the government should use its ability to borrow.

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