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Nonlinearities in the Effects of Debt and Fiscal Policy: Evidence from the States

  • Jo Anna Gray

    ()

    (University of Oregon, Eugene, USA)

  • Joe A. Stone

    ()

    (University of Oregon, Eugene, USA)

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).

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Article provided by Weissberg Publishing in its journal Economic Research Guardian.

Volume (Year): 2 (2012)
Issue (Month): 2 (December)
Pages: 152-159

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Handle: RePEc:wei:journl:v:2:y:2012:i:2:p:152-159
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  1. Reinhart, Carmen M. & Rogoff, Kenneth, 2010. "Growth in a Time of Debt," CEPR Discussion Papers 7661, C.E.P.R. Discussion Papers.
  2. Mofidi, Alaeddin & Stone, Joe A, 1990. "Do State and Local Taxes Affect Economic Growth?," The Review of Economics and Statistics, MIT Press, vol. 72(4), pages 686-91, November.
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