WORKING PAPER | A simple model illustrates interactions between the "primary" fiscal deficit (total deficit minus interest payments), economic growth, and debt.

POLICY NOTE | Economic policy debate in the United States and other developed economies has been dominated by talk of lowering fiscal deficits through spending reductions.

WORKING PAPER | The paper provides a modification of the standard textbook income – expenditure model that better accounts for the effect of imports.

WORKING PAPER | This paper has revisits the question of whether rising deficits increase interest rates, and whether deficit-cutting (and balanced-budget) policies are conducive to economic growth.