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Robust Fiscal Stabilization

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NBER2025-01-01 更新2025-01-25 收录
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https://www.nber.org/papers/w33374
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Any fiscal path is sustainable if future fiscal policy responds sufficiently to high deficits. Previous work found that Congress reduced the deficit during 1984-2003 when projected deficits rose. We find that this year-to-year feedback has disappeared: Congress on average during 2004-2024 did not
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2025-01-01
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