DEBT ILLUSION AND IMPERFECT INFORMATION.
The output and employment effects of bond finance depend critically on the assumption that government bonds are regarded by the public as net wealth. This paper analyzes the possibility that debt illusion can exist because of uncertainty about true economic opportunities; there is a learning problem...
| Publicado en: | European Economic Review Vol. 11; no. 4; pp. 379 - 387 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Elsevier B.V.
Dec78
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=12144169&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 12144169 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00142921 EER jtl: European Economic Review issn: 00142921 maglogo: N pubinfo: dt: Dec78 vid: 11 iid: 4 pid: 1004 pub: Elsevier B.V. artinfo: ui: 12144169 10.1016/S0014-2921(78)80008-7 ppf: 379 ppct: 8 formats: tig: atl: DEBT ILLUSION AND IMPERFECT INFORMATION. aug: au: Floyd, John E. Hynes, J. Allan affil: Erindale College, University of Toronto, Mississauga, Ont. L5L 1C6, Canada. su: Labor supply Production (Economic theory) Employment Government securities Economic policy Wealth sug: subj: Labor supply Production (Economic theory) Employment Government securities Economic policy Wealth ab: The output and employment effects of bond finance depend critically on the assumption that government bonds are regarded by the public as net wealth. This paper analyzes the possibility that debt illusion can exist because of uncertainty about true economic opportunities; there is a learning problem. In some cases, traditional wealth effects can be rationalized in terms of rational short run learning behavior. In other cases, the same general considerations may lead to responses that are opposite to those usually assumed. And policies that have short run effects in the direction conventionally assumed may, in the long run, reverse their direction of impact, thus giving rise to critical timing problems. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1978 holdings: @attributes: islocal: N |
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