Debt and the Effects of Fiscal Policy
NBER Working Paper No. 12822
---- Acknowledgements ----
We thank Olivier Blanchard, Eric Leeper and Roberto Perotti for useful comments. Francesco Giavazzi thanks the Federal Reserve Bank of Boston for its hospitality while this paper was completed. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.