Government debt can be rolled over forever without primary surpluses in some stochastic economies, including some …

The fall in the U.S. public debt/GDP ratio from 106% in 1946 to 23% in 1974 is often attributed to high rates of … interest rates before the Fed-Treasury Accord of 1951. Our central result is a simulation of the path that the debt/GDP ratio … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …

increase in the ratio of government expenditure to GDP from 2020 to 2022, divided by the ratio of public debt to GDP in 2019 … and the duration of the debt in 2019. This specification has substantial explanatory power for recent inflation rates … effect of unexpected inflation on the real value of public debt, whereas 50 60% reflected conventional public finance …

government's fiscal position. In the US since World War II, we find that the primary surplus-GDP ratio and the government debt …-GDP ratio are nonstationary, which invalidates standard analytical approaches that assume them to be stationary. The tax revenue-debt … ratio and the government expenditure-debt ratio are also nonstationary but their difference, the primary surplus-debt ratio …

, and markups. In this environment, greater government debt is likely not problematic from a budgetary standpoint. But a … Ponzi-like scheme of perpetual debt rollover might fail, and such a failure would make an already-bad state of the world … even worse. In addition, even if a perpetual debt rollover succeeds, the increased debt could still crowd out capital …

.K.'s government debt was not always fully backed by its future surpluses, even after accounting for the seigniorage revenue from … country, the global safe asset supplier, based on relative macro fundamentals, and its debt growth may temporarily outstrip …-up in debt during WW-I and WW-II, bond investors focused exclusively on the U.K's own macro fundamentals. Since then the U …

of the euro area member states' unemployment expenditures risk in the aftermath of the 2009 sovereign debt crisis if …