Are government bonds net wealth?
The assumption that government bonds are perceived as net wealth by the private sector is crucial in demonstrating real effects of shifts in the stock of public debt. In particular, the standard effects of "expansionary" fiscal policy on aggregate demand hinge on this assumption. Governmen...
Main Author: | Barro, Robert J |
---|---|
Format: | Book |
Published: |
Chicago, Ill.
University of Chicago Press
November-December 1974
|
Series: | Journal of Political Economy
n. 6 |
Subjects: |
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