Money, Credit Constraints, and Economic Activity
收藏NBER1983-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w1084
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When government expenditures exceed current tax revenues, the resulting deficit must be financed either by issuing bonds, which imply obligations to levy future taxes, or by creating high-powered money. The choice between money and bonds is often thought to be of great moment for both real and
当政府支出超过当期税收收入时，由此产生的财政赤字必须通过两种方式融资：一是发行债券，这意味着未来需通过征税履行偿债义务；二是创造高能货币（high-powered money）。学界通常认为，货币与债券的选择对实体经济与
提供机构：
美国国家经济研究局
创建时间：
1983-03-01
