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Their words, before
If the future is like the past, this implies that debt rollovers—that is, the issuance of debt without a subsequent increase in taxes—may well be feasible. Put bluntly, public debt may have no fiscal cost.
Their words now
Across advanced economies, the celebrated ( r - g ), i.e., the difference between the interest rate and the growth rate, appears to have durably changed sign or, at a minimum, to have gone from a substantially negative number to a number closer to zero.
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6 November 2023
1 June 2022
From one piece Fiscal Policy under Low Interest Rates 3 beliefs, in the piece's order there
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Their words
The costs of high debt were perceived to be very high—higher than they truly were—and the multipliers were underestimated, leading to an underestimate of the output costs of fiscal consolidation.
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Their words
The lower the neutral rate, the smaller the fiscal and welfare costs and the larger the welfare benefits of debt and deficits.
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Their words
The main challenge in discussing fiscal policy is the widely held and nearly religious belief that public debt is very bad.
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