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- W3122861372 abstract "In a neoclassical growth model, it is possible to make a case for public debt, because a balanced growth path may be dynamically inefficient. This paper shows that this possibility no longer holds in an endogenous growth model with constant external returns to capital. It is shown that an increase in public debt reduces the growth rate, so there always exists a future generation that will be harmed, and that a reduction in public debt, although it increases the growth rate, cannot be Pareto-improving: one current generation must be harmed. (This abstract was borrowed from another version of this item.)" @default.
- W3122861372 created "2021-02-01" @default.
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- W3122861372 date "1991-01-01" @default.
- W3122861372 modified "2023-09-27" @default.
- W3122861372 title "FISCAL POLICY IN AN ENDOGENOUS GROWTH MODEL" @default.
- W3122861372 hasPublicationYear "1991" @default.
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