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|z 9781475510553
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|a 1018-5941
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|a Hasanov, Fuad.
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|a Public Debt Dynamics :
|b The Effects of Austerity, Inflation, and Growth Shocks /
|c Fuad Hasanov, Reda Cherif.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We study how macroeconomic shocks affect U.S. public debt dynamics using a VAR with debt feedback. Following a fiscal austerity shock, the debt ratio initially declines and then returns to its pre-shock path. Yet, the effect is not statistically significant. In a weak economic environment, the likelihood of a self-defeating austerity shock is much higher than in normal times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously lowers debt. In our specification, the debt ratio is stationary, whereas a VAR excluding debt may imply an explosive debt path.
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|a Mode of access: Internet
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|a Cherif, Reda.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/230
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/230/001.2012.issue-230-en.xml
|z IMF e-Library
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