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Did the U.S. Really Grow Out of Its World War II Debt?
Acalin, Julien; Ball, Laurence M. - National Bureau of Economic Research - 2023
economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …
Persistent link: https://www.econbiz.de/10014337810
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The Role of Macroeconomic Factors in Growth
Fischer, Stanley - 1993
negatively associated with inflation, large budget deficits, and distorted foreign exchange markets. Supplementary evidence … of these effects: inflation reduces growth by reducing investment and productivity growth; budget deficits also reduce … both capital accumulation and productivity growth. Examination of exceptional cases shows that while low inflation and …
Persistent link: https://www.econbiz.de/10012474375
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Resource Curse or Debt Overhang?
Manzano, Osmel - 2001
It has been widely believed that resource abundant economies grow less than other economies. In a very influential paper, Sachs and Warner (1997), point out that there is a negative relationship between resource abundance and growth. Two important econometric problems are present in the...
Persistent link: https://www.econbiz.de/10012470330
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Death, Population Growth, Productivity Growth and Debt Neutrality
Buiter, Willem H. - 1986
Debt neutrality is said to occur if, given a program for public spending on current goods and services over time, the real equilibrium of the economy (private consumption, investment, relative prices, etc.) is independent of the pattern of government borrowing and lump-sum taxation over time....
Persistent link: https://www.econbiz.de/10012477043
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When is Debt Odious? A Theory of Repression and Growth Traps
Acharya, Viral V. - 2020
How is a developing country affected by its odious government's ability to borrow in international markets? We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, socially unproductive, spending....
Persistent link: https://www.econbiz.de/10012481804
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The Costs of (sub)Sovereign Default Risk : Evidence from Puerto Rico
Chari, Anusha - 2017
Puerto Rico's unique characteristics as a U.S. territory allow us to examine the channels through which (sub)sovereign default risk can have real effects on the macroeconomy. Post-2012, during the period of increased default probabilities, the cointegrating relationship between real activity in...
Persistent link: https://www.econbiz.de/10012453605
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Interest Rate Risk and Other Determinants of Post-WWII U.S. Government Debt/GDP Dynamics
Hall, George J. - 2010
.S. government. We use our estimates to account for contributions to the evolution of the debt to GDP ratio made by inflation, growth …
Persistent link: https://www.econbiz.de/10012462950
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Growth in a Time of Debt
Reinhart, Carmen M. - 2010
We study economic growth and inflation at different levels of government and external debt. Our analysis is based on … roughly cut in half. Third, there is no apparent contemporaneous link between inflation and public debt levels for the … advanced countries as a group (some countries, such as the United States, have experienced higher inflation when debt/GDP is …
Persistent link: https://www.econbiz.de/10012463011
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Government Investment and Fiscal Stimulus in the Short and Long Runs
Leeper, Eric M. - 2009
This paper contributes to the debate about fiscal multipliers by studying the impacts of government investment in conventional neoclassical growth models. The analysis focuses on two dimensions of fiscal policy that are critical for understanding the effects of government investment:...
Persistent link: https://www.econbiz.de/10012463497
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Economic Growth with Constraints on Tax Revenues and Public Debt : Implications for Fiscal Policy and Cross-Country Differences
Aizenman, Joshua - 2007
This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...
Persistent link: https://www.econbiz.de/10012465844