Kirchgässner, Gebhard (contributor); … - 2006
We examine whether Swiss federal fiscal policy was sustainable over the period from 1900 to 2002. We perform unit root …
public debt and show that the U.S. fiscal policy is consistent with the present-value budget
constraint. If the discounted … + TDt ,
where TDt represents the stock of public debt, while rt denotes the ex-post interest rate for
public debt, Rt …