NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Anchoring Fiscal Expectations

Eric M. Leeper

NBER Working Paper No. 15269
Issued in August 2009

---- Acknowledgements -----

This paper draws on the author's public lecture on November 12, 2008 in Wellington, New Zealand, which was part of the author's tenure as a Professorial Fellow in Monetary and Financial Economics at Victoria University of Wellington and the Reserve Bank of New Zealand. I thank the Victoria University of Wellington Foundation, the Victoria University of Wellington School of Economics and Finance, and the RBNZ for their fabulous hospitality to me and my family and for providing me with this unusual intellectual opportunity. Many people provided useful input to this lecture, particularly, Mark Blackmore, Stephen Burnell, Peter Bushnell, Arthur Grimes, Viv Hall, John Janssen, John McDermott, Adrian Orr, and Bryce Wilkinson. I also thank Huixin Bi, Troy Davig, and Shu-Chun Susan Yang for comments on this draft. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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