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Finite Horizons, Intertemporal Substitution, and Fiscal Policy

David Aschauer ()

Public Finance Review, 1990, vol. 18, issue 1, 77-91

Abstract: This article synthesizes two strands of current macroeconomic research in fiscal policy by allowing for finite lifetimes in an intertemporal substitution model. Among other things, the article establishes that in such a model, public debt issuance is contractionary with respect to current output, a conclusion in strong contrast with conventional macroeconomic analysis.

Date: 1990
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Working Paper: Finite horizons, intertemporal substitution and fiscal policy (1987)
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