Godley, Wynne (contributor); Lavoie, Marc (contributor) - 2007
various different targets for the nominal budget deficit and government debt as
proportions of (nominal) GDP measured ex post …
nominal government debt.
G ≡ g.p (18)
The nominal budget deficit, DEFICIT, is
DEFICIT ≡ G
T
– T (19)
and the … and the budget deficit conditional on any
configuration of assumptions regarding r and θ—the policy variables—as well as …