Government debt

Douglas Elmendorf and N. Gregory Mankiw

Chapter 25 in Handbook of Macroeconomics, 1999, vol. 1, Part C, pp 1615-1669 from Elsevier

Abstract: This chapter surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The chapter then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next examines the theoretical and empirical debate over the theory of debt neutrality called Ricardian equivalence. Finally, the chapter considers various normative perspectives about how the government should use its ability to borrow.

JEL-codes: E0 (search for similar items in EconPapers)
Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (76)

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Related works:
Working Paper: Government Debt (1999)
Working Paper: Government debt (1998)
Working Paper: Government Debt (1998)
Working Paper: Government Debt (1998)
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