The Measurement and Significance of the Cyclically Adjusted Federal Budget and Debt
总结了周期性调整的联邦预算和联邦债务的新测度方法，并探讨了过去25年中这些财政政策指标与名义GNP、利率及私人固定资本存量之间的关系。
THIS PAPER SUMMARIZES NEW MEASURES OF THE cyclically adjusted federal budget and federal debt and explores the relationship of these measures of fiscal policy to macroeconomic variables during the last quarter century. The first part of the paper discusses the construction of the new measures. The second part presents regression evidence suggesting that the cyclically adjusted debt is related to nominal GNP, interest rates, and the private stock of fixed capital.