Money, Deficit and Public Debt in the United States
AbstractThis study estimates the underlying parameters in a dynamic game between the fiscal and monetary authorities over the determination of public debt. These estimates reveal the policymakers attitude towards the goal of stabilizing the time path of public debt. The central finding is that, in the United States during the 1955-85 period, this goal has been pursued by the fiscal authority, but not by the central bank. Monetary policy has not monetized the stock of public debt outstanding, whereas cyclically-adjusted, net of interest, fiscal deficits have been reduced to offset increases in the stock of debt in circulation. Copyright 1989 by MIT Press.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by MIT Press in its journal Review of Economics & Statistics.
Volume (Year): 71 (1989)
Issue (Month): 1 (February)
Contact details of provider:
Web page: http://mitpress.mit.edu/journals/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Bratsiotis, George J. & Robinson, Wayne, 2004. "Economic fundamentals and self-fulfilling crises: further evidence from Mexico," Journal of International Money and Finance, Elsevier, vol. 23(4), pages 595-613, June.
- Feld, Lars P & Kirchgassner, Gebhard, 2001. " Does Direct Democracy Reduce Public Debt? Evidence from Swiss Municipalities," Public Choice, Springer, vol. 109(3-4), pages 347-70, December.
- G J Bratsiotis & W Robinson, 2002.
"Economic Fundamentals and Self-Fulfilling Crises: Some Evidence from Mexico,"
The School of Economics Discussion Paper Series
0214, Economics, The University of Manchester.
- G J Bratsiotis & W Robinson, 2002. "Economic Fundamentals and Self-Fulfilling Crises: Some Evidence from Mexico," Centre for Growth and Business Cycle Research Discussion Paper Series 23, Economics, The Univeristy of Manchester.
- Leanne Ussher, 1998. "Do Budget Deficits Raise Interest Rates? A Survey of the Empirical Literature," Working Papers 0005 Classification- JEL:, Department of Economics, Queens College of the City University of New York.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Karie Kirkpatrick).
If references are entirely missing, you can add them using this form.