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Euler testing Ricardo and Barro in the EU
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Autores
Orientador(es)
Resumo(s)
According to Keynesian economics wisdom, government debt has an effect on the economy since consumers see government debt as net wealth. However, according to the debt neutrality hypothesis of Ricardo (1817), popularised by Barro (1974), such effects would be absent. This paper's results, obtained from Euler equation estimations using a panel data approach, indicate that it would be wise to reject the debt neutrality hypothesis for the EU and that higher government indebtedness could actually deter private consumption.
Descrição
Palavras-chave
Debt Neutrality Private Consumption EU Panel Data
Contexto Educativo
Citação
Afonso, António. 2008. "Euler testing Ricardo and Barro in the EU". Instituto Superior de Economia e Gestão - DE Working papers nº 23-2008/DE/UECE
Editora
ISEG – Departamento de Economia