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Uses and Limitations of Public Debt

In: Market Behaviour and Macroeconomic Modelling

Author

Listed:
  • Willem H. Buiter
  • Kenneth M. Kletzer

Abstract

This paper addresses three related issues. First, in what sense is the goverment’s ability to borrow limited by its capacity to tax? Second, when is Ponzi finance1 feasible for an infinite-lived government? Third, when does the opportunity to engage in Ponzi finance enhance the government’s ability to influence private resource allocation?

Suggested Citation

  • Willem H. Buiter & Kenneth M. Kletzer, 1998. "Uses and Limitations of Public Debt," Palgrave Macmillan Books, in: Steven Brakman & Hans Ees & Simon K. Kuipers (ed.), Market Behaviour and Macroeconomic Modelling, chapter 11, pages 275-307, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26732-3_11
    DOI: 10.1007/978-1-349-26732-3_11
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    Citations

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    Cited by:

    1. Willem H. Buiter, 2010. "The limits to fiscal stimulus," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 26(1), pages 48-70, Spring.
    2. Buiter, Willem H., 1999. "The Fallacy of the Fiscal Theory of the Price Level," CEPR Discussion Papers 2205, C.E.P.R. Discussion Papers.
    3. Crettez, Bertrand & Michel, Philippe & Wigniolle, Bertrand, 2003. "Jusqu’où l’État peut-il s’endetter? Une approche par les modèles à générations imbriquées d’agents," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(3), pages 277-295, Septembre.
    4. Willem Buiter, 2000. "The Fallacy of the Fiscal Theory of the Price Level, Again," CESifo Working Paper Series 303, CESifo.
    5. Willem H. Buiter, 2002. "The Fiscal Theory Of The Price Level: A Critique," Economic Journal, Royal Economic Society, vol. 112(481), pages 459-480, July.
    6. Willem H. Buiter, 2003. "Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap," NBER Working Papers 10163, National Bureau of Economic Research, Inc.

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