Quantitative Easing and Government Debt Sustainability
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We show that quantitative easing (QE) worsens government debt sustainability. In our model, the government has a negative primary balance and downward-sloping debt demand that makes interest rates endogenous. The central bank has long-term capital and remits profits to the fiscal authority. QE
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美国国家经济研究局创建时间：
2026-07-01
