Policy Note 1999/4 | April 1999

Can Goldilocks Survive?

Growing government budget surpluses combined with growing trade deficits have generated record private sector deficits. Unless households continue to reduce their saving—creating an increasingly unsustainable debt burden—the impetus that has driven the expansion will evaporate.

Publication Highlight

Working Paper No. 993
The Sraffian Supermultiplier and Cycles
Theory and Empirics
Author(s): Michalis Nikiforos, Marcio Santetti, Rudiger von Arnim
September 2021

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