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Death, Birth, Productivity Growth and Debt Neutrality

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  • Buiter, Willem H

Abstract

This paper reconsiders the necessary and sufficient conditions for debt neutrality. There is debt neutrality if, given a pro gram for public expenditure on current goods and services over time, the real equilibrium of the economy is not affected by a change in th e pattern of lump-sum taxes over time. If there is debt neutrality fo r instance, the substitution of borrowing today for lump-sum taxation today (followed by such further changes in the time path of future l ump-sum taxes as are required for maintaining government solvency) do es not affect the current and future behavior of private consumption and capital formation. Copyright 1988 by Royal Economic Society.

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  • Buiter, Willem H, 1988. "Death, Birth, Productivity Growth and Debt Neutrality," Economic Journal, Royal Economic Society, vol. 98(391), pages 279-293, June.
    • Handle: RePEc:ecj:econjl:v:98:y:1988:i:391:p:279-93
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