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- W2017758178 abstract "This paper reconsiders the impact of public debt in an economy with heterogeneous households and incomplete markets to emphasize the short-run effects of an increase in public debt. As compared to models that rest on steady-state analysis, we show that the welfare gains of a public debt increase are substantially higher when transitional dynamics are accounted for. The additional debt issue allows for a temporary reduction in the income tax rate, which stimulates labor supply and generates an overshooting of the interest rate. The short-run gains create a temptation to deviate toward higher levels of debt. Debt increases continue to generate welfare gains even when debt is considerably higher than its long-run optimal level. (JEL E60, H60)" @default.
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- W2017758178 date "2011-09-21" @default.
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- W2017758178 title "WHY DO GOVERNMENTS END UP WITH DEBT? SHORT-RUN EFFECTS MATTER" @default.
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- W2017758178 doi "https://doi.org/10.1111/j.1465-7295.2011.00410.x" @default.
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