NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Fiscal Stability of High-Debt Nations under Volatile Economic Conditions

Robert E. Hall

NBER Working Paper No. 18797
Issued in February 2013

---- Acknowledgements -----

Prepared for the symposium, "Government Debt in Democracies: Causes, Effects, and Limits" 30 November and 1 December 2012, sponsored by the Nationale Akademie der Wissenschaften, the Berlin- Brandenburgische Akademie der Wissenschaften, and the Freie Universit├Ąt Berlin. The Hoover Institution supported this research. It is also part of the National Bureau of Economic Research's Economic Fluctuations and Growth program. I am grateful to Arvind Krishnamurthy, my discussant Carl Christian von Weizs├Ącker, and participants in the symposium for helpful comments. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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