The U.S. Public Debt Valuation Puzzle
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The government budget constraint ties the market value of government debt to the expected risk-adjusted present discounted value of fiscal surpluses. We find evidence that U.S. Treasury investors fail to impose this no-arbitrage restriction in the U.S. Both cyclical and long-run dynamics of tax
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美国国家经济研究局创建时间：
2019-12-01
