This paper proposes a dynamic politico-economic theory of debt, government finance and expenditure. Agents have … consumption, the less debt is accumulates. We extend the analysis to redistributive policies and political shocks. The theory …

observed for their parents in terms of some economic statuses (wages, income, work hours, and education). Additionally, we … Panel Study of Income Dynamics' data we find that married sons imitate their parents' household disparities more than …