By Kenneth J. Arrow, Michael J. Boskin
A set of essays proposing new insights into the research of public debt concept, fresh historic episodes, econometric analyses and coverage dilemmas and techniques. It additionally files the perceptions of debt difficulties from viewpoints of nationwide economies in addition to the realm economic climate.
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Extra info for The Economics of Public Debt: Proceedings of a Conference held by the International Economic Association at Stanford, California
There is a simple moral to this story: traditional portfolio theory, based on myopic risk analysis, may be seriously misleading when analysing intertemporal equilibrium.
E. the capital he had at the end of the last period, plus the return on that capital, plus the value of his bonds, plus the interest payments and wage payments, minus lump-sum taxes. e. A~t, O( t)) = Ci(t, O( t)) + Ki(t + 1, O( t)) + v(t, O(t))B~t, O(t)). C i . B i( t, 0). 7) The demand for bonds must equal the supply of bonds. Moreover, we require real government revenues (taxes plus revenues from the issue of new bonds) to equal real government expenditures (interest payments plus purchases of public goods).
The issue is an empirical one, and we are able to offer some striking results of further examination of our annual time series. Eisner & Pieper: Deficits, Monetary Policy 21 The effects on GNP of the budget deficit, and other variables such as changes in the monetary base, are the sum of their effects, direct or indirect, on the various components of GNP. We have hence regressed changes in these components, each expressed as percentages of GNP so that estimated parameters are comparable, on the price adjusted high employment surplus and changes in the monetary base.
The Economics of Public Debt: Proceedings of a Conference held by the International Economic Association at Stanford, California by Kenneth J. Arrow, Michael J. Boskin