Fiscal Policy over the Real Business Cycle: A Positive Theory
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This paper presents a political economy theory of the behavior of fiscal policy over the business cycle. The theory predicts that, in both booms and recessions, fiscal policies are set so that the marginal cost of public funds obeys a submartingale. In the short run, fiscal policy can be pro
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美国国家经济研究局创建时间：
2008-05-01
