{"id":"https://openalex.org/W2154338566","doi":"https://doi.org/10.1080/15140326.1999.12040538","title":"Notes on Optimal Debt Management","display_name":"Notes on Optimal Debt Management","publication_year":1999,"publication_date":"1999-11-01","ids":{"openalex":"https://openalex.org/W2154338566","doi":"https://doi.org/10.1080/15140326.1999.12040538","mag":"2154338566"},"language":"en","primary_location":{"id":"doi:10.1080/15140326.1999.12040538","doi":"https://doi.org/10.1080/15140326.1999.12040538","is_oa":true,"landing_page_url":"https://doi.org/10.1080/15140326.1999.12040538","pdf_url":"https://www.tandfonline.com/doi/pdf/10.1080/15140326.1999.12040538?needAccess=true","source":{"id":"https://openalex.org/S40285785","display_name":"Journal of Applied Economics","issn_l":"1514-0326","issn":["1514-0326","1667-6726"],"is_oa":false,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Applied Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://www.tandfonline.com/doi/pdf/10.1080/15140326.1999.12040538?needAccess=true","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5064323899","display_name":"Robert J. Barro","orcid":"https://orcid.org/0000-0003-3761-827X","observed_orcids":["https://orcid.org/0000-0003-3761-827X"]},"institutions":[{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Robert J. Barro","raw_affiliation_strings":["Harvard University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Harvard University","institution_ids":["https://openalex.org/I136199984"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5064323899"],"corresponding_institution_ids":["https://openalex.org/I136199984"],"apc_list":{"value":1250,"currency":"GBP","value_usd":1533},"apc_paid":null,"fwci":0.8834,"has_fulltext":true,"cited_by_count":72,"citation_normalized_percentile":{"value":0.8538288,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"2","issue":"2","first_page":"281","last_page":"289"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.9526000022888184,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.9526000022888184,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11770","display_name":"Fiscal Policy and Economic Growth","score":0.022299999371170998,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13042","display_name":"Economic and Fiscal Studies","score":0.022099999710917473,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/ricardian-equivalence","display_name":"Ricardian equivalence","score":0.9070000052452087},{"id":"https://openalex.org/keywords/public-debt","display_name":"public debt","score":0.765999972820282},{"id":"https://openalex.org/keywords/taxation","display_name":"taxation","score":0.5889999866485596},{"id":"https://openalex.org/keywords/lump-sum-taxes","display_name":"lump-sum taxation","score":0.6480000019073486},{"id":"https://openalex.org/keywords/deficit-financing","display_name":"deficit financing","score":0.5120000243186951},{"id":"https://openalex.org/keywords/ponzi-schemes","display_name":"Ponzi schemes","score":0.6729999780654907},{"id":"https://openalex.org/keywords/optimal-taxation","display_name":"optimal taxation","score":0.5450000166893005},{"id":"https://openalex.org/keywords/public-expenditure-financing","display_name":"public expenditure financing","score":0.4830000102519989}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6923401951789856},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6857632994651794},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.20797273516654968}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/15140326.1999.12040538","doi":"https://doi.org/10.1080/15140326.1999.12040538","is_oa":true,"landing_page_url":"https://doi.org/10.1080/15140326.1999.12040538","pdf_url":"https://www.tandfonline.com/doi/pdf/10.1080/15140326.1999.12040538?needAccess=true","source":{"id":"https://openalex.org/S40285785","display_name":"Journal of Applied Economics","issn_l":"1514-0326","issn":["1514-0326","1667-6726"],"is_oa":false,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Applied Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:recsxx:v:2:y:1999:i:2:p:281-289","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/15140326.1999.12040538","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1080/15140326.1999.12040538","doi":"https://doi.org/10.1080/15140326.1999.12040538","is_oa":true,"landing_page_url":"https://doi.org/10.1080/15140326.1999.12040538","pdf_url":"https://www.tandfonline.com/doi/pdf/10.1080/15140326.1999.12040538?needAccess=true","source":{"id":"https://openalex.org/S40285785","display_name":"Journal of Applied Economics","issn_l":"1514-0326","issn":["1514-0326","1667-6726"],"is_oa":false,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Applied Economics","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2154338566.pdf","grobid_xml":"https://content.openalex.org/works/W2154338566.grobid-xml"},"referenced_works_count":7,"referenced_works":["https://openalex.org/W1488276425","https://openalex.org/W2002659597","https://openalex.org/W2892230897","https://openalex.org/W2990140922","https://openalex.org/W3122015594","https://openalex.org/W3125913046","https://openalex.org/W3141427672"],"related_works":["https://openalex.org/W7097437202","https://openalex.org/W2167462827","https://openalex.org/W1999325728","https://openalex.org/W4220771154","https://openalex.org/W1603004676","https://openalex.org/W4223591674","https://openalex.org/W7096001168","https://openalex.org/W4388078976","https://openalex.org/W2335382750","https://openalex.org/W4412461837"],"abstract_inverted_index":{"Consider":[0],"the":[1,17,26,35,47,53,73,80,85,99,102,147,156,169,174,185,192,201,207,210,232,246,252],"finance":[2],"of":[3,7,19,37,49,84,129,134,151,159,164,203,212,216,235,255,258],"an":[4,69,213,226],"exogenous":[5],"path":[6,158],"public":[8,14,131,186,197],"expenditure,":[9],"G(t),":[10],"with":[11],"taxes":[12,30,114,152,204,221],"and":[13,42,52,113,140,242],"debt":[15,77,112,187,217],"issues.In":[16],"absence":[18,163],"unexpected":[20],"default,":[21],"borrowing":[22,198],"does":[23,261,268],"not":[24,116,206,262],"allow":[25],"government":[27,74,160,175],"to":[28,40,78,218],"escape":[29],"in":[31,43,55,96,183,231],"a":[32,165,264],"present-value":[33],"sense.But":[34],"choices":[36,67,110],"how":[38],"much":[39],"borrow":[41],"what":[44],"form":[45],"affect":[46],"timing":[48,202,257],"tax":[50,266],"collections":[51,58],"ways":[54],"which":[56,184],"these":[57,66,145,259],"are":[59,122],"contingent":[60],"on":[61],"economic":[62],"outcomes.This":[63],"note":[64],"assesses":[65],"from":[68,87],"optimal-tax":[70,91],"perspective.That":[71],"is,":[72],"manages":[75],"its":[76,89],"minimize":[79],"expected":[81],"present":[82,149,208,233,253],"value":[83,150,234,254],"distortions":[86],"financing":[88],"expenditures.The":[90],"solution":[92],"can":[93,188,199],"be":[94],"analyzed":[95],"three":[97],"stages.In":[98],"first":[100],"stage,":[101],"conditions":[103,118],"hold":[104],"for":[105,119,143,168],"Ricardian":[106],"equivalence,":[107],"so":[108],"that":[109],"between":[111],"do":[115],"matter.Sufficient":[117],"this":[120,195],"result":[121],"lumpsum":[123],"taxes;":[124],"certainty":[125],"about":[126,251],"future":[127,236],"levels":[128],"income,":[130],"spending,":[132],"rates":[133],"return,":[135],"etc.;":[136],"perfect":[137,243],"capital":[138,244],"markets;":[139],"infinite":[141,240],"horizons":[142],"households.Under":[144],"conditions,":[146],"known":[148],"is":[153],"fixed":[154],"by":[155,222,228],"given":[157],"spending.This":[161],"result-the":[162],"free":[166],"lunch":[167],"government-applies":[170],"as":[171,173],"long":[172],"cannot":[176],"pursue":[177],"Ponzi":[178],"schemes":[179],"or":[180],"chain":[181],"letters":[182],"grow":[189],"faster":[190],"than":[191],"economy":[193],"forever.In":[194],"case,":[196],"change":[200],"but":[205],"value.Therefore,":[209],"issue":[211],"extra":[214],"dollar":[215,224,230],"cut":[219,267],"current":[220],"one":[223,229],"implies":[225],"increase":[227],"taxes.With":[237],"lump-sum":[238],"taxes,":[239],"horizons,":[241],"markets,":[245],"representative":[247],"household":[248],"cares":[249],"only":[250],"taxes.The":[256],"levies":[260],"matter.Since":[263],"deficit-financed":[265]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":10},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":3}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}