Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic

John H. Cochrane

NBER Working Paper No. 16087
Issued in June 2010

---- Acknowledgments ----

I thank Michael Woodford for helpful comments, and Francisco Vaquez-Grande for the surplus plot. I acknowledge research support from CRSP. 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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