Public Principles of Public Debt: A Defense and Restatement

analogy analysis argument assume assumption balance sheets benefits billion bondholders capital value capitalization rate ceteris paribus Chapter conceptual considered David Ricardo debt creation debt financed debt instruments debt is created debt monetization debt retirement decision differential discount discussion economic effects equivalent external fiscal operation fiscal theory fully funds future income future tax payments future taxpayers government debt government securities income stream increase inflation inflationary insofar interest payments interest rate internal debt internal loan Knut Wicksell lender maturity value ment money creation moneyness national debt net worth nomic offset orthodoxy present value primary real burden private debt private investment problem propositions public debt issue public debt theory public expenditure public investment public loan public project pure debt rate of interest rate of yield real cost real income reduced refunding relevant alternatives rentier represents Ricardian sacrifice social take place taxation theory of public tion transfer utility worth