war debt -- was superseded by the second choice, namely "backing" the national debt with its land assets and pledging … future proceeds from land sales to be used by law only to redeem the principal of the national debt and nothing else. This …

policy multiplier. The effect of fiscal policy on output is different depending on the different debt dynamics, the different …

The War for Independence left the National Government deeply in debt. The spoils from winning that war also gave it an … empire of land. So, post-1783, was the National Government solvent? Was its net asset position, land assets minus debt … question may help explain the constraints that determined why the National Debt was funded in the particular way that it was …

submartingale. In the short run, fiscal policy can be pro-cyclical with government debt spiking up upon entering a boom. However, in … the long run, fiscal policy is counter-cyclical with debt increasing in recessions and decreasing in booms. Government …

study the effects of fiscal shocks keeping track of the debt dynamics that arises following a fiscal shock, and allowing for … the possibility that taxes, spending and interest rates might respond to the level of the debt, as it evolves over time …. We show that omitting a debt feedback can result in incorrect estimates of the dynamic effects of fiscal shocks. In …

significantly different from zero. Following the findings in Bohn (1998), we also experiment with a model that includes debt and the … from the budget constraint makes a difference after 1980, when the response of fiscal variables to the level of the debt …