Buiter, Willem H.; Corsetti, Giancarlo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992
In this paper we evaluate internationally agreed limits on public sector debt and deficits, such as those agreed by the … than those required to ensure public sector solvency. Their implementation would require an excessive degree of fiscal … inflation and real output growth, no cyclical adjustment and no appropriate allowance for future revenue-producing public sector …