Sustainable Public Debt (D’Erasmo et al.)

What is a sustainable public debt? by Pablo D’Erasmo, Enrique G. Mendonza and Jing Zhang published by NBER (9/2015). “The question of what is a sustainable public debt is paramount in the macroeconomic analysis of fiscal policy. This question is usually posed as asking whether the outstanding public debt and its projected path are consisten with those of the government’s revenues and expenditures (i.e. whether fiscal solvency conditions hold)…”

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