CHAP015Government Debt and Budget Deficits(宏观经济学-曼昆,英文版).pdf

Chapter15 Government Debt and Budget Deficits  The size of the government debt  Problems in measurement (inflation，capital assets, uncounted liabilities and the business cycle)  The traditional view of government debt  The Ricardian view of government debt (Ricardian equivalence)  Other perspectives on government debt (effects on monetary policy, debt and the political process, international dimension)  Conclusion BD in China (10million RMB) year 1979 1980 1985 1990 1995 1996 BD 135.41 69.9 0.57 146.49 581.52 529.56 BD/GDP 1.35 1.53 0.01 0.79 1 0.77 year 1997 1998 1999 2000 2001 2002 BD 582.42 922.23 1743.27 2491.27 2598 3098 BD/GDP 0.78 1.16 2.1 2.8 2.7 2 Slide 1 Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc. Slide 2 Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc. Slide 3 Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc. Slide 4 Mankiw:Macroeconomics, 4/e © by Worth Publishers, Inc. Problems in Measurement  Inflation D/D =   Capital assets (capital budgeting 资本预算 化）  Uncounted liabilities  The business cycle (a cyclical adjusted budget deficit 按周期调整的预算赤字，the full-employment budget deficit 充分就业的预 算赤字） The Traditional View of Government Debt  Dear CBO Economist: Congress is about to consider the president’s request to cut all taxes by 20 percent. Before deciding whether to endorse the request, my committee would like your analysis. We see little hope of reducing government spending, so the tax cut would