| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27115 |
| 来源ID | Working Paper 27115 |
| Debt and Taxes in Eight U.S. Wars and Two Insurrections | |
| George J. Hall; Thomas J. Sargent | |
| 发表日期 | 2020-05-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | From decompositions of U.S. federal fiscal accounts from 1790 to 1988, we describe differences and patterns in how expenditure surges were financed during 8 wars between 1812 and 1975. We also study two insurrections. We use two benchmark theories of optimal taxation and borrowing to frame a narrative of how government decision makers reasoned and learned about how to manage a common set of forces that bedeviled them during all of the wars, forces that included interest rate risks, unknown durations of expenditure surges, government creditors' debt dilution fears, and temptations to use changes in units of account and inflation to restructure debts. Ex post real rates of return on government securities are a big part of our story. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy ; Public Economics ; National Fiscal Issues ; History ; Other History |
| URL | https://www.nber.org/papers/w27115 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584788 |
| 推荐引用方式 GB/T 7714 | George J. Hall,Thomas J. Sargent. Debt and Taxes in Eight U.S. Wars and Two Insurrections. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27115.pdf（1375KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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