Suppose that a country has no public debt in year 1 but


Suppose that a country has no public debt in year 1 but experiences a budget deficit of $40 billion in year 2, a budget deficit of $20 billion in year 3, a budget surplus of $10 billion in year 3, and a budget deficit of $2 billion in year 4

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Econometrics: Suppose that a country has no public debt in year 1 but
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