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The Monetary-Fiscal Mix: Long-Run Implications

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Abstract

The long-run dynamics of public deficits and debt are modeled, assuming that public debt competes with capital for limited private savings. The interest costs of the debt are endogenously determined in this market, and the deficit in other budget transactions is a constant fraction of Gross National Product. Simulations with parameter values suggested by recent United States experience show the likelihood of unstable paths, along which debt grows faster than GNP indefinitely.

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File URL: http://cowles.econ.yale.edu/P/cd/d07b/d0780.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 780.

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Length: 15 pages
Date of creation: Jan 1986
Date of revision:
Publication status: Published in AEA Papers and Proceedings (May 1986), 76(2): 213-218
Handle: RePEc:cwl:cwldpp:780

Note: CFP 645.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Monetary-fiscal mix; public deficits; public debt;

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Cited by:
  1. Bianconi, Marcelo, 2000. "The effects of alternative fiscal policies on the intertemporal government budget constraint," International Review of Economics & Finance, Elsevier, vol. 9(1), pages 31-52, February.
  2. Alberto Bagnai, 2004. "Keynesian And Neoclassical Fiscal Sustainability Indicators, With Applications To Emu Member Countries," Public Economics 0411005, EconWPA.

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