welfare and the growth rate. With outstanding public debt, the optimal fiscal policy should keep the debt-to-GDP ratio … constant in the economy with or without a binding constraint on tax revenues as a share of GDP current non-durable public goods …

issue goes beyond the obvious increase in the stock of public debt/GDP induced by the global recession, to include the … neglected perspective that the vulnerabilities associated with a given public debt/GDP increase with the future volatility of … key economic variables. We evaluate for a given future projected public debt/GDP, the possible distribution of the fiscal …

issue goes beyond the increase in stock of public debt/GDP induced by the global recession, to include the perspective that … the sustainability of a given public debt/GDP depends on the future volatility of the difference between real interest … rates and GDP growth rate. For a given future projected public debt/GDP, we evaluate the possible distribution of the fiscal …