We ask how fiscal deficits are financed in environments with two key features: (i) nominal rigidity, and (ii) a violation of Ricardian equivalence due to finite lives or liquidity constraints. In such environments, deficits can contribute to their own financing through two channels: a boom in real economic activity, which expands the tax base; and a surge in inflation, which erodes the real value of nominal government debt. Our main theoretical result establishes that this mechanism becomes more potent as fiscal adjustment is delayed, leading to full self‐financing in the limit: if the monetary authority does not lean too heavily against the fiscal stimulus, then the government can run a deficit today, refrain from tax hikes or spending cuts in the future, and still see its debt converge back to its initial level. We further demonstrate that a significant degree of self‐financing is achievable when the theory is disciplined by empirical evidence on marginal propensities to consume, nominal rigidities, the monetary policy reaction, and the speed of fiscal adjustment.
more »
« less
Focal Sleep Spindle Deficits Reveal Focal Thalamocortical Dysfunction and Predict Cognitive Deficits in Sleep Activated Developmental Epilepsy
- Award ID(s):
- 1451384
- PAR ID:
- 10652490
- Publisher / Repository:
- Society for Neuroscience
- Date Published:
- Journal Name:
- The Journal of Neuroscience
- Volume:
- 41
- Issue:
- 8
- ISSN:
- 0270-6474
- Page Range / eLocation ID:
- 1816 to 1829
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
More Like this
-
-
Abstract Background and objectivesGood sleep quality, associated with few arousals, no daytime sleepiness and self-satisfaction with one’s sleep, is pivotal for adolescent growth, maturation, cognition and overall health. This article aims to identify what ecological factors impact adolescent sleep quality across three distinct sleep ecologies representing a gradient of dense urbanity to small, rural environments with scarce artificial lighting and no Internet. MethodologyWe analyze variation of sleep efficiency, a quantitative measure of sleep quality—defined as the ratio of total time spent asleep to total time dedicated to sleep—in two agricultural indigenous populations and one post-industrial group in Mexico (Campeche = 44, Puebla = 51, Mexico City = 50, respectively). Data collection included actigraphy, sleep diaries, questionnaires, interviews and ethnographic observations. We fit linear models to examine sleep efficiency variation within and between groups. ResultsWe found that sleep efficiency varied significantly across sites, being highest in Mexico City (88%) and lowest in Campeche (75%). We found that variation in sleep efficiency was significantly associated with nightly exposure to light and social sleep practices. Conclusions and implicationsOur findings point toward contextual cost-benefits of sleep disruption in adolescence. We highlight the need to prioritize research on adolescent sleep quality across distinct developmental ecologies and its impact on health to improve adolescent wellbeing through evidence-based health practices.more » « less
-
We present some problems and results about variants of sunflowers in families of sets. In particular, we improve an upper bound of the first author, Körner and Monti on the maximum number of binary vectors of length n so that every four of them are split into two pairs by some coordinate. We also propose a weaker version of the Erdős-Rado sunflower conjecture.more » « less
An official website of the United States government

