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Private Consumption, Government Spending, Debt Neutrality: Resolving Kormendi- Feldstein-Modigliani Controversy

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  • Aqdas Ali Kazmi

    (Ministry of Commerce, Islamabad.)

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  • Aqdas Ali Kazmi, 1994. "Private Consumption, Government Spending, Debt Neutrality: Resolving Kormendi- Feldstein-Modigliani Controversy," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 33(4), pages 1055-1071.
    • Handle: RePEc:pid:journl:v:33:y:1994:i:4:p:1055-1071
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    File URL: http://www.pide.org.pk/pdf/PDR/1994/Volume4/1055-1071.pdf
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    References listed on IDEAS

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    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. Barro, Robert J., 1976. "Perceived Wealth in Bonds and Social Security and the Ricardian Equivalence Theorem: Reply to Feldstein and Buchanan," Scholarly Articles 3612770, Harvard University Department of Economics.
    3. Modigliani, Franco & Sterling, Arlie, 1986. "Government Debt, Government Spending and Private Sector Behavior: Comment," American Economic Review, American Economic Association, vol. 76(5), pages 1168-1179, December.
    4. B. Douglas Bernheim, 1987. "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 263-316, National Bureau of Economic Research, Inc.
    5. Barro, Robert J., 1987. "Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701-1918," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 221-247, September.
    6. Leiderman, Leonardo & Razin, Assaf, 1988. "Testing Ricardian Neutrality with an Intertemporal Stochastic Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(1), pages 1-21, February.
    7. Aschauer, David Alan, 1985. "Fiscal Policy and Aggregate Demand," American Economic Review, American Economic Association, vol. 75(1), pages 117-127, March.
    8. Modigliani, Franco & Sterling, Arlie G, 1990. "Government Debt, Government Spending, and Private Sector Behavior: A Further Comment," American Economic Review, American Economic Association, vol. 80(3), pages 600-603, June.
    9. Seater, John J, 1993. "Ricardian Equivalence," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 142-190, March.
    10. Kochin, Levis A, 1974. "Are Future Taxes Anticipated by Consumers? Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(3), pages 385-394, August.
    11. Kormendi, Roger C, 1983. "Government Debt, Government Spending, and Private Sector Behavior," American Economic Review, American Economic Association, vol. 73(5), pages 994-1010, December.
    12. Martin Feldstein & Douglas W. Elmendorf, 1987. "Taxes, Budget Deficits ad Consumer Spending: Some New Evidence," NBER Working Papers 2355, National Bureau of Economic Research, Inc.
    13. Seater, John J, 1982. "Are Future Taxes Discounted?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(3), pages 376-389, August.
    14. Kormendi, Roger C & Meguire, Philip, 1990. "Government Debt, Government Spending, and Private Sector Behavior: Reply and Update," American Economic Review, American Economic Association, vol. 80(3), pages 604-617, June.
    15. Buchanan, James M, 1976. "Barro on the Ricardian Equivalence Theorem," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 337-342, April.
    16. Seater, John J., 1985. "Does government debt matter? A review," Journal of Monetary Economics, Elsevier, vol. 16(1), pages 121-131, July.
    17. Bernheim, B Douglas, 1989. "A Neoclassical Perspective on Budget Deficits," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 55-72, Spring.
    18. Barro, Robert J, 1976. "Reply to "Perceived Wealth in Bonds and Social Security" and "Barro on the Ricardian Equivalence Theorem."," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 343-349, April.
    19. Martin Feldstein & Robert J. Barro, 1978. "The Impact of Social Security on Private Saving: Evidence from the U.S. Time Series," Books, American Enterprise Institute, number 936368, September.
    20. Bill Martin, 1987. "The 1987 Budget," Fiscal Studies, Institute for Fiscal Studies, vol. 8(2), pages 11-23, May.
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    Cited by:

    1. Aqdas Ali Kazmi, 1995. "An Econometric Estimation of Tax-discounting in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 34(4), pages 1067-1077.
    2. Aqdas Ali Kazmi, 1998. "Fiscal Policies of Pakistan and Kazmi's Hypothesis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 37(4), pages 1143-1154.

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