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Public debt dynamics : the effects of austerity, inflation, and growth shocks
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Public debt dynamics : the effects of austerity, inflation, and growth shocks/ Reda Cherif and Fuad Hasanov. |
| 개인저자 | Cherif, Reda. Hasanov, Fuad,1978-, |
| 단체저자명 | International Monetary Fund. Institute for Capacity Development. |
| 발행사항 | Washington, D.C.: International Monetary Fund, 2012. |
| 형태사항 | 1 online resource (28 pages): charts. |
| 총서사항 | IMF working paper;WP/12/230 |
| ISBN | 1475541279 9781475541274 |
| 일반주기 |
At head of title: Institute for Capacity Development.
"September 2012." |
| 서지주기 | Includes bibliographical references (pages 14-16). |
| 요약 | The author studies how macroeconomic shocks affect U.S. public debt dynamics using a VAR with debt feedback. Following a fiscal austerity shock, the debt ratio initially declines and then returns to its pre-shock path. Yet, the effect is not statistically significant. In a weak economic environment, the likelihood of a self-defeating austerity shock is much higher than in normal times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously lowers debt. In our specification, the debt ratio is stationary, whereas a VAR excluding debt may imply an explosive debt path. |
| 주제명(지명) | United States. --fast |
| 일반주제명 | Debts, Public --United States --Econometric models. Fiscal policy --United States --Econometric models. BUSINESS & ECONOMICS --Public Finance. Debts, Public --Econometric models. Fiscal policy --Econometric models. |
| 언어 | 영어 |
| 바로가기 |  |
