Weighing the risks of a fiscal crisis

The key question in fiscal easing debates is whether an immediate demand boost outweighs the costs of higher public debt and consequent risks of fiscal crisis.

The debate on the correct setting for fiscal policy at a time of recession is probably the oldest debate in macroeconomics. One key element in the debate is the trade-off between supporting output growth in the short term, versus the need to control the growth of public debt in the long term.

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