Money, Deficit and Public Debt in the United States
This 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.
If 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.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 71 (1989)
Issue (Month): 1 (February)
|Contact details of provider:|| Web page: http://mitpress.mit.edu/journals/|
|Order Information:||Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535|
When requesting a correction, please mention this item's handle: RePEc:tpr:restat:v:71:y:1989:i:1:p:15-25. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anna Pollock-Nelson)
If references are entirely missing, you can add them using this form.