The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy
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This paper analyses the effects of fiscal policies on rates of interest and wealth in the world economy. Uncertainty concerning the length of life yields an equilibrium in which private and social rates of discount differ and budget deficits exert real effects. It is shown that a current budget
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美国国家经济研究局创建时间：
1984-12-01
