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873878债务挤出和风险转移的福利效应

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时间：2023-01-11

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上传者：战必胜
www.cbo.gov/publication/58849
Working Paper Series
Congressional Budget Office
Washington, D.C.
The Welfare Effects of Debt:
Crowding Out and Risk Shifting
Michael Falkenheim
Congressional Budget Office
michael.falkenheim@cbo.gov
Working Paper 2022-10
December 2022
To enhance the transparency of the work of the Congressional Budget Office and to encourage external
review of that work, CBO’s working paper series includes papers that provide technical descriptions of
official CBO analyses as well as papers that represent independent research by CBO analysts. Papers in this
series are available at http://go.usa.gov/xUzd7.
This paper has not been subject to CBO’s regular review and editing process. The views expressed here
should not be interpreted as CBO’s.
For valuable comments, I thank Alan Auerbach of the University of California, Berkeley; Olivier Blanchard
of the Peterson Institute; Richard Evans of the Center for Growth and Opportunity at Utah State University;
and Andre Neveu of James Madison University. I benefited greatly from comments from Sebastien Gay,
Mark Hadley, Jeffrey Kling, Michael McGrane, Jaeger Nelson, Andre Neveu, Kevin Perese, Kerk Phillips,
Mitchell Remy, Julie Topoleski, and David Torregrosa. I also gratefully acknowledge Christine Bogusz’s
editorial assistance.
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