The Monetary-Fiscal Mix: Long-Run Implications
建立模型分析公共赤字和债务的长期动态，假设公共债务与资本竞争有限私人储蓄，利率内生决定，并用美国数据模拟显示债务可能无限增长快于国民生产总值。
The long-run dynamics of public deficits and debt are modeled, assuming that public debt competes with capital for limited private savings. The interest costs of the debt are endogenously determined in this market, and the deficit in other budget transactions is a constant fraction of Gross National Product. Simulations with parameter values suggested by recent United States experience show the likelihood of unstable paths, along which debt grows faster than GNP indefinitely.