Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt
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We investigate how the ability of the government to depart from budget balance and issue debt expands the set of equilibria that can be supported using lump-sum tax-transfer instruments. We show how this depends on the restrictions that exist on the capacity to tax and make transfer payments, and
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美国国家经济研究局创建时间：
1992-05-01
