というNBER論文をローレンス・ボールらが上げている(H/T タイラー・コーエン)。原題は「Did the U.S. Really Grow Out of Its World War II Debt?」で、著者はJulien Acalin(ジョンズ・ホプキンズ大)、Laurence M. Ball(同)。 以下はungated版の結論部。 This paper investigates the factors behind the behavior of the U.S. debt/GDP ratio since 1946, both the large decline in the ratio from 1946 to 1974 and the large increase since then. We seek to decompose the movements of debt/GD