Fiscal Policy in an Endogenous Growth Model
证明，在内生增长模型中，公共债务增加会降低增长率，且减少债务虽能提高增长率但无法实现帕累托改进，总有一代人受损。
In a neoclassical growth model, it is possible to make a case for public debt, because a balanced growth path may be dynamically inefficient. This paper shows that this possibility no longer holds in an endogenous growth model with constant external returns to capital. It is shown that an increase in public debt reduces the growth rate, so there always exists a future generation that will be harmed, and that a reduction in public debt, although it increases the growth rate, cannot be Pareto-improving: one current generation must be harmed.