Nonlinearities in the Effects of Debt and Fiscal Policy: Evidence from the States
Evidence from a half century of experience by U.S. states identifies nonlinearities in the effects of debt and fiscal policy on growth. Effects are Keynesian for low to moderate levels of debt and stimulus but anti Keynesian for sufficiently high levels of debt or stimulus. Results are broadly consistent with those found in the cross-country studies of Adam and Bevan (2005) and Reinhart and Rogoff (2010).
Volume (Year): 2 (2012)
Issue (Month): 2 (December)
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