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Public Debt and Price Stability

Modernized Austrian capital theory implies: in capital market equilibriumwithout public debt the average period of production equals the average waiting period of households. In the twenty-first century and for the OECD plus China area, demo- graphic and production parameters are such that capital market equilibrium implies anegative real rate of interest. Price stability implies a…

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Restrictive Covenants Included in Public Debt Agreements: An Empirical Investigation

I would like to thank my thesis committee: Ross Watts, Ray Ball, Clifford Smith, Bill Schwert and seminar participants at the University of Rochester, the University of British Columbia and the University of Washington for their helpful comments. Comments and suggestions by Michael Jensen (the editor) and an anonymous referee significantly improved the paper. ABSTRACT…

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