Surplus-Debt Regressions
Single-equation estimates of fiscal reaction functions, which relate primary surpluses to past debt-GDP ratios and control variables, are subject to potentially serious simultaneity bias that can produce misleading inferences about fiscal behavior. Biases arise from failure to model the general equilibrium relationships between government debt and surpluses, relationships that bring in the forward-looking nature of nominal debt valuation and the role of monetary policy in that valuation
Year of publication: |
2016
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Authors: | Leeper, Eric M. |
Other Persons: | Li, Bing (contributor) |
Publisher: |
[2016]: [S.l.] : SSRN |
Subject: | Geldpolitik | Monetary policy | Schätzung | Estimation | Öffentliche Schulden | Public debt | Finanzpolitik | Fiscal policy | Öffentlicher Haushalt | Public budget | Haushaltsdefizit | Budget deficit |
Saved in:
freely available
Extent: | 1 Online-Ressource (14 p) |
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Series: | NBER Working Paper ; No. w22662 |
Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 2016 erstellt |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012982534