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Impact of Government Debt on Private Consumption in OECD Countries
Using data for 17 OECD countries from 1983 to 2003, this paper establishes a non-linear relationship between private consumption and the level of government debt. In countries with a high level of government debt, a fiscal expansion is partly crowded out by a fall in private consumption.
Geography
Link
http://www.dnb.nl/dnb/bin/doc/Working%20Paper%20No.%2045-2005_tcm12-57159.pdf