Private Consumption, Inflation and the "Debt Neutrality Hypothesis": The Case of Eight OECD Countries
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This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nests three specifications corresponding to different...
