What Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn't Bark
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Higher U.S. government debt/output ratios do not forecast higher future surpluses or lower real returns on Treasurys. Neither future cash flows nor discount rates account for the variation in the current debt/output ratio. The market valuation of Treasurys is surprisingly insensitive to the macro
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美国国家经济研究局创建时间：
2021-10-01
