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Public indebtedness, growth, currency and inflation: comment on “Pleasant Mathematics”, by Gerson Lima

Author

Listed:
  • Fabrício Leite
  • Gustavo Aggio
  • Eduardo Angeli

Abstract

The paper aims at analyzing the article by Gerson Lima on the manner by which fiscal deficit should be covered. It presents a more general dynamic model, where the principle of effective demand is explicitly used. By doing that, it is possible to treat as endogenous variables the national income and the government entries, what brings the result that the public debt must not follow an explosive path unless the very restrictive conditions of Lima's paper prevail. It also evaluates Lima's implicit inflation theory, and argues against his approximation to Friedman's framework. JEL Classification: E5; E6.

Suggested Citation

  • Fabrício Leite & Gustavo Aggio & Eduardo Angeli, 2009. "Public indebtedness, growth, currency and inflation: comment on “Pleasant Mathematics”, by Gerson Lima," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(4), pages 473-483.
    • Handle: RePEc:ekm:repojs:v:29:y:2009:i:4:p:473-483:id:509
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    More about this item

    Keywords

    public debt; monetary policy; money issuing;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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