Fiscal Deficits and Current Account Deficits

Fiscal Deficits and Current Account Deficits
The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate.... READ MORE...

Publication date: October 2009
ISBN 9781451873849
$18.00

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