Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/273442 
Year of Publication: 
2023
Series/Report no.: 
EconPol Policy Brief No. 47
Publisher: 
CESifo GmbH, Munich
Abstract: 
Proponents focus on the average fiscal cost of program spending when the interest rate on government debt is less than the economy's growth rate. They ignore the potentially large marginal fiscal cost of deficit-financed increases in spending that arise when a higher public debt increases interest rates on government debt and lowers growth rates.
Document Type: 
Research Report

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