Abstract
This chapter explores some basic questions about the effects on the economic system of financing public expenditure by issuing debt. It develops within a theoretical framework differing from that which is currently predominant both in pure theory and in applications to specific problems such as those addressed here. In particular, the approach in this chapter rests on two basic and closely related premises.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Aspromourgos, T. (2007) ‘Interest as an artefact of self-validating central bank beliefs’, Metroeconomica, 58(4): 514–35.
Barba, A. (2001) ‘Rethinking expansionary fiscal retrenchments’, Contributions to Political Economy, 20: 57–86.
Barro, R. J. (1974) ‘Are government bonds net wealth?’, Journal of Political Economy, 82: 1095–117.
Buchanan, J. M. (1976) ‘Barro on the Ricardian Equivalence Theorem’, Journal of Political Economy, 84: 337–42.
Ciccone, R. (2002) Debito pubblico, domanda aggregata e accumulazione (Roma: Aracne).
Fazzari, S.M., Morley J. and Panovska I. (2012) ‘State-Dependent Effects of Fiscal Policy’, Australian School of Business, Research Paper 2012 ECON 27.
International Monetary Fund (2010) ‘Will It Hurt? Macroeconomic Effects of Fiscal Consolidation’, World Economic Outlook, ch. 3: 93–124.
Lerner, A. P. (1943) ‘Functional finance and the federal debt’, Social Research, 10: 38–51.
Ramey, V. (2011) ‘Can government purchases stimulate the economy?’, Journal of Economic Literature, 49(3): 673–8.
Ricardo, D. (1951) ‘Funding System’, in Piero Sraffa (ed.) with the collaboration of M. H. Dobb, The Works and Correspondence of David Ricardo, Vol. IV (Cambridge: Cambridge University Press): pp. 149–200.
Van Brusselen, P. (2009) ‘Fiscal Stabilisation Plans and the Outlook for the World Economy’, NIME Policy Brief 01–2009.
Editor information
Editors and Affiliations
Copyright information
© 2013 contributors
About this chapter
Cite this chapter
Ciccone, R. (2013). Public Debt and Aggregate Demand: Some Unconventional Analytics. In: Levrero, E.S., Palumbo, A., Stirati, A. (eds) Sraffa and the Reconstruction of Economic Theory: Volume Two. Palgrave Macmillan, London. https://doi.org/10.1057/9781137319166_2
Download citation
DOI: https://doi.org/10.1057/9781137319166_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-34703-2
Online ISBN: 978-1-137-31916-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)