National Debt Neutrality: Some International Evidence
利用OECD国家的大规模跨国时间序列数据，检验了债务中性假说（即政府支出的税收与债务融资方式不影响消费行为），结果不支持该假说，且结论稳健。
SUMMARY This paper contains ‐ in the context of consumption behavior – some empirical tests for the debt neutrality hypothesis. According to this hypothesis, the tax/debt financing mix of government spending does not matter. The large international cross section‐time series data from OECD countries lends no support to the coefficient restrictions implied by the debt neutrality hypothesis. This result turns out to be robust with respect to various ways of measuring the public sector deficit variable, to weighting patterns, to additional variables, to various data samples and to estimation methods.