Most models of family transfers consider only two generations and focus on two motives:
altruism and exchange. They also assume perfect substitution between inter vivos financial …

This paper surveys the existing literature, both theoretical and empirical, on the determinants
of fiscal deficits. The theoretical literature highlights the role of the Ricardian equivalence …

A FREQUENT THEME of policy discus-sion is the peril of the public debt. News reports
alternately sober and frantic regularly point to government debt as a major cause of …

There has been a great deal of public concern in the United States about the rapid growth of
the public debt during the 1980s. Among economists, the grounds for concern most often …

This paper discusses in a systematic and comprehensive way the existing literature on the
relationship between the growth of countries' economies and various public finance …

Does government debt affect interest rates? Despite a substantial body of empirical analysis,
the answer based on the past two decades of research is mixed. While many studies …

A Structural VAR model is employed to investigate the effects of monetary and fiscal policy
shocks on stock market performance in Germany, UK and the US. A significant number of …

The paper provides a historical perspective on the issue of whether budget deficits are
typically eliminated by increased taxes or by reduced spending. By examining US budget …

This lecture discusses the economic losses that result from an unfunded social security
retirement system and the potential gain from shifting to a funded system. The social security …

ECONOMIC ANALYSIS OF the aggregate effects of fiscal policy dates back at least to the
work of David Ricardo. Modern academic interest was reinvigorated by the work of Robert …