in Cambridge Journal of Economics
January 2016; p ublished online December 2014 .
Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomics and Monetary Economics; Growth and Fluctuations; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; History of Economic Thought (1925 onwards). 9518 words.
Budgetary constraints were never the primary object of policy for John Maynard Keynes. They were constraints, not objectives. However, Keynes identified the psychological channels through...
in Economic Policy
April 2015; p ublished online March 2015 .
Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomics and Monetary Economics; Growth and Fluctuations; International Finance; National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 17204 words.
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression (FR), a tax on bondholders and savers via negative or...