The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint
提出一种新的财政政策可持续性评估方法，允许随机实际利率，且条件充要。应用表明美国近期财政政策不可持续，并与Hamilton和Flavin（1986）的结果对比。
This paper introduces a new methodology for evaluating the sustainability of fiscal policy. The new methodology is distinguished from most existing tests in two important respects: first, it allows for stochastic real interest rates; and second, it is both necessary and sufficient. Results from the application of the new test suggest that recent fiscal policy in the United States has not been sustainable. The paper contrasts its findings with those of James D. Hamilton and Marjorie A. Flavin (1986). Copyright 1989 by Ohio State University Press.