This paper surveys the literature on the macroeconomic effects of
government debt. It begins by discussing the data on debt and
deficits, including the historical time series, measurement issues,
and projections of future fiscal policy. The paper then presents
the conventional theory of government debt, which emphasizes
aggregate demand in the short run and crowding out in the long run.
It next examines the theoretical and empirical debate over the
theory of debt neutrality called Ricardian equivalence. Finally,
the paper considers the various normative perspectives about how
the government should use its ability to borrow.
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