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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
6470.
Length: Date of creation: Mar 1998 Date of revision: Publication status: published as Handbook of Macroeconomics, Vol. 1, Taylor, J.B. and M. Woodford, eds., Elsevier Science, B.V., 1999, pp. 1615-1699. Handle: RePEc:nbr:nberwo:6470
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Elmendorf, Douglas W. & Gregory Mankiw, N., 1999.
"Government debt,"
Handbook of Macroeconomics,
in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669
Elsevier.
[Downloadable!] (restricted)
Find related papers by JEL classification: E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook H6 - Public Economics - - National Budget, Deficit, and Debt
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Laurence J. Kotlikoff, 2001.
"Generational Policy,"
NBER Working Papers
8163, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Kotlikoff, Laurence J., 2002.
"Generational policy,"
Handbook of Public Economics,
in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 27, pages 1873-1932
Elsevier.
[Downloadable!] (restricted)
K. Azim Ozdemir, 2004.
"Public Debt in Turkey,"
Working Papers
0411, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
[Downloadable!]
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