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Death, Population Growth, Productivity Growth and Debt Neutrality


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  • Willem H. Buiter


Debt neutrality is said to occur if, given a program for public spending on current goods and services over time, the real equilibrium of the economy (private consumption, investment, relative prices, etc.) is independent of the pattern of government borrowing and lump-sum taxation over time. The paper brings together work of Blanchard on individual uncertain lifetimes and debt neutrality and Weil on population growth and debt neutrality. It is shown that there will be debt neutrality if and only if the sum of the rate of growth of population and the individual probability of death equals zero. If this condition holds, non-zero rates of growth of labor productivity will not destroy debt neutrality.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2027.

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Date of creation: Sep 1986
Date of revision:
Publication status: published as "Death, Birth, Productivity Growth and Debt Neutrality," From The Economic Journal, Vol. 98, No. 391, pp. 279-293, (June 1988).
Handle: RePEc:nbr:nberwo:2027

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Cited by:
  1. Alogoskoufis, George & van der Ploeg, Frederick, 1991. "Money and Growth Revisited," CEPR Discussion Papers, C.E.P.R. Discussion Papers 532, C.E.P.R. Discussion Papers.
  2. D'ALBIS Hippolyte & AUGERAUD-VÉRON Emmanuelle, 2009. "Continuous-Time Overlapping Generations Models," LERNA Working Papers, LERNA, University of Toulouse 09.15.291, LERNA, University of Toulouse.
  3. Hippolyte D'Albis, 2003. "La croissance démographique dans les modèles à générations imbriquées," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00630245, HAL.
  4. Hippolyte D'Albis, 2007. "Demographic structure and capital accumulation," Post-Print hal-00630200, HAL.
  5. C. Kerdrain & V. Lapègue, 2011. "Restrictive Fiscal Policies in Europe: What are the Likely Effects?," Documents de Travail de la DESE - Working Papers of the DESE, Institut National de la Statistique et des Etudes Economiques, DESE g2011-17, Institut National de la Statistique et des Etudes Economiques, DESE.


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