DISSERTATION ABSTRACTS
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Dissertation Abstracts
Equilibrium models imply that the real value of debt in the hands of the public must equal the expected present-value of surpluses. Empirical models of fiscal policy typically do not impose this condition and often do not even include debt. Absence of debt from empirical models can produce non-invertible representations, obscuring the true present-value relation, even if it holds in the data. F...
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ژورنال
عنوان ژورنال: Early China
سال: 2021
ISSN: ['2325-2324', '0362-5028']
DOI: https://doi.org/10.1017/eac.2021.15