Fiscal Stability of High-Debt Nations under Volatile Economic Conditions
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Using a recursive empirical model of the real interest rate, GDP growth, and the primary government deficit in the U.S., I solve for the ergodic distribution of the debt/GDP ratio. If such a distribution exists, the government is satisfying its intertemporal budget constraint. One key finding is
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美国国家经济研究局创建时间：
2013-02-01
