布兰查德 宏观经济学 第四版 第26章.pptVIP

The GovernmentBudget Constraint;The Arithmetic of Deficits and Debt;The Arithmetic of Deficits and Debt;The government budget constraint states that the change in government debt during year t is equal to the deficit during year t: It is often convenient to decompose the deficit into the sum of two terms: Interest payments on the debt, rBt-1 The difference between spending and taxes, Gt-Tt. This term is called the primary deficit (equivalently, Tt –Gt is called the primary surplus).;The Arithmetic of Deficits and Debt;;Current Versus Future Taxes;Full Repayment in Year 2;Full Repayment in Year 2;Full Repayment in Year 2;Full Repayment in Year 2;Full Repayment in Year t;Full Repayment in Year t;Debt Stabilization in Year t;Debt Stabilization in Year t;Debt Stabilization in Year t;The Evolution of the Debt-to-GDP Ratio;The Arithmetic of the Debt Ratio;The Arithmetic of the Debt Ratio;The Evolution of the Debt Ratio in OECD Countries;The Evolution of the Debt-to-GDP Ratio in OECD Countries;The Evolution of the Debt-to-GDP Ratio in OECD Countries;The Evolution of the Debt-to-GDP Ratio in OECD Countries;Four Issues in Fiscal Policy;Ricardian Equivalence;Deficits, Output Stabilization,and the Cyclically Adjusted Deficit;Deficits, Output Stabilization,and the Cyclically Adjusted Deficit;Wars and Deficits;Passing on the Burden of the War;Reducing Tax Distortions;The Dangers of Very High Debt;The U.S. Budget: Current Numbers and Future Prospects;Current Numbers;Current Numbers;Current Numbers;Table 26-2 U.S. Federal Budget Revenues and Expenditures, Fiscal Year 2003 (Percent of GDP);Medium-Run Budget Projections;The U.S. Budget;The Long-Run Challenges: Low Saving, Aging, and Medical Care;Deficits and the Low U.S. Saving Rate;Retirement and Medical Care;Retirement and Medical Care;Retirement and Medical Care;Key Terms