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Chapter 25 Government debt

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Elmendorf, Douglas W., Gregory Mankiw, N.·1999·Handbook of Macroeconomics
DOI 10.1016/s1574-0048(99)10038-7
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Abstract

Abstract This chapter surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The chapter then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next examines the theoretical and empirical debate over the theory of debt neutrality called Ricardian equivalence. Finally, the chapter considers various normative perspectives about how the government should use its ability to borrow.

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Metadata

Authors
Elmendorf, D. W., & Gregory Mankiw, N.
Venue
Handbook of Macroeconomics
Publisher
Elsevier
Published
1999
Pages
1615-1669
ISSN
1574-0048 (ISSN-L)
DOI
10.1016/s1574-0048(99)10038-7
OpenAlex
W1585683874
Cited by
385
References
4
FWCI
6.62
Type
book chapter
Language
en
Open access
green

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