A Buffer-Stock Model for the Government: Balancing Stability and Sustainability

A Buffer-Stock Model for the Government: Balancing Stability and Sustainability
A fiscal reaction function to debt and the cycle is built on a buffer-stock model for the government. This model inspired by the buffer-stock model of the consumer (Deaton 1991; Carroll 1997) includes a debt limit instead of the Intertemporal Budget Constraint (IBC). The IBC is weak (Bohn, 2007), a debt limit is more realistic as it reflects the... READ MORE...

Publication date: July 2019
ISBN 9781498325066
$18.00

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