Surplus-Debt Regressions

Eric M. Leeper, Bing Li

Single-equation estimates of fiscal reaction functions, which relate primary surpluses to past debt-GDP ratios and control variables, are subject to potentially serious simultaneity bias that can produce misleading inferences about fiscal behavior. Biases arise from failure to model the general equilibrium relationships between government debt and surpluses, relationships that bring in the forward-looking nature of nominal debt valuation and the role of monetary policy in that valuation

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Year of publication:	September 2016
Authors:	Leeper, Eric M.
Other Persons:	Li, Bing (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Geldpolitik \| Monetary policy \| Schätzung \| Estimation \| Öffentliche Schulden \| Public debt \| Finanzpolitik \| Fiscal policy \| Öffentlicher Haushalt \| Public budget \| Haushaltsdefizit \| Budget deficit

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Extent:	1 Online-Ressource
Series:	NBER working paper series ; no. w22662
Type of publication:	Book / Working Paper
Language:	English
Notes:	Mode of access: World Wide Web System requirements: Adobe [Acrobat] Reader required for PDF files Hardcopy version available to institutional subscribers.
Other identifiers:	10.3386/w22662 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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