NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

"Unfunded Liabilities" and Uncertain Fiscal Financing

Troy Davig, Eric M. Leeper, Todd B. Walker

NBER Working Paper No. 15782
Issued in February 2010

---- Acknowledgements -----

Prepared for the Carnegie-Rochester Conference Series on Public Policy, "Fiscal Policy in an Era of Unprecedented Budget Deficits,'' November 13-14, 2009. We thank our discussant, Kent Smetters, and the editor, Andy Abel, for suggestions that tightened the paper's arguments considerably and we thank Hess Chung, Alex Richter, and Shu-Chun S. Yang for helpful conversations. The views expressed herein are those of the authors and do not

necessarily represent those of the Federal Reserve Bank of Kansas City, the Federal Reserve System, or the National Bureau of Economic Research.

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