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government debt burden rises even with higher tax revenues in an expansion. Given the current net debt-to-GDP ratio at around 80 … government, despite a much higher federal debt-to-GDP ratio than the post-war historical average …
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News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading...
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