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Debt and nonlinear fiscal policy: evidence from the states
Jo Anna Gray and
Joe A. Stone MPRA Paper from University Library of Munich, Germany
Evidence from a half century of experience by 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 models by Barro (1999), Judd (1987), and others.
Keywords: debt; fiscal policy; nonlinear; growth; Keynes (search for similar items in EconPapers)
JEL-codes: E62 B22 A10 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fdg and nep-mac
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