This paper presents the simulation model that the Congressional Budget Office (CBO) uses to project the budgetary costs of the Federal Housing Administration's (FHA's) single-family mortgage insurance program. CBO simulates defaults, recoveries, and prepayments on cohorts of mortgages insured by...

A major cost of Canada's large government deficits from 1975 to 1996 was a substantial increase in Canada's foreign indebtedness. If the Ricardian equivalence proposition is not valid, an increase in the government deficit leads to an increase in Canada's international debts. The evidence,...