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Control of the Public Debt: A Requirement for Price Stability?

In: The Debt Burden and its Consequences for Monetary Policy

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  • Michael Woodford

    (Princeton University)

Abstract

Reduction of government deficits and controlling the rate of growth of the outstanding public debt has moved to the forefront among the economic policy challenges facing many of the leading industrial nations in recent years. This has come to be of particular concern among the members of the European Union, nearly all of whom must modify their present courses if they are to satisfy the requirements laid down in the Maastricht treaty for participation in the proposed European monetary union. An obvious question raised by the fiscal requirements of the Maastricht treaty — and a pressing one, given the difficulties that many aspiring members of such a union face in satisfying these requirements — is why controls over the degree to which governments resort to deficit finance should be essential to a successful monetary union.2

Suggested Citation

  • Michael Woodford, 1998. "Control of the Public Debt: A Requirement for Price Stability?," International Economic Association Series, in: Guillermo Calvo & Mervyn King (ed.), The Debt Burden and its Consequences for Monetary Policy, chapter 5, pages 117-158, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26077-5_5
    DOI: 10.1007/978-1-349-26077-5_5
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