Inflationary Consequences of Anticipated Macroeconomic Policies
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We consider a model in which the level of taxes and seignorage are too low to finance government expenditures and debt service. Government debt will therefore grow without bound, implying the eventual need to change policy. Starting with utility maximization, we analyze the effect of the expected
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美国国家经济研究局创建时间：
1986-08-01
