The paper asks whether a government can run a deficit today — issuing "stimulus checks" — and allow debt to return to its initial level without any future tax hike or spending cut. In environments …
PublishedQuarterly Journal of EconomicsOnline 11 Feb 2026Published Apr 2026
This paper develops and implements a system of disaggregated economic accounts that breaks down national accounting positions into bilateral flows between small groups of consumers, producers, the …