Nobel Lecture
United States Then, Europe Now
Bibliographic Data
| ID | 10177296 |
|---|---|
| Authors | Thomas J Sargent (0000-0002-5457-0944, Hoover Institution, corresponding author) |
| Year | 2012 |
| Volume | 120 |
| Issue | 1 |
| Pages | 1-40 |
| Publication date | 2012-02-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/665415 |
| OpenAlex | W2175370279 |
| Language | EN |
| Citations received | 15 |
| References cited | 68 |
Under the Articles of Confederation, the central government of the United States had limited power to tax. Therefore, large debts accumulated during the US War for Independence traded at deep discounts. That situation framed a US fiscal crisis in the 1780s. A political revolution—for that was what scuttling the Articles of Confederation in favor of the Constitution of the United States of America was—solved the fiscal crisis by transferring authority to levy tariffs from the states to the federal government. The Constitution and acts of the First Congress of the United States in August 1790 gave Congress authority to raise enough revenues to service a big government debt. In 1790, the Congress carried out a comprehensive bailout of state governments' debts, part of a grand bargain that made creditors of the states become advocates of ample federal taxes. That bailout created expectations about future federal bailouts that a costly episode in the early 1840s proved to be unwarranted
Bailout · Constitution · Creditor · Debt · Economic policy · Economics · Financial crisis · Government (linguistics · Independence (probability theory · Keynesian economics · Political economy · Political science · Politics · Power (physics · Revenue · State (computer science · Finance · Fiscal Policies and Political Economy · Fiscal Policy and Economic Growth · German Economic Analysis & Policies · Law
Migration States and Welfare States
Debt and Entanglements Between the Wars
The European Sovereign Debt Crisis
Cross of Euros
The evolution of European economic institutions during the Covid‐19 crisis
No Borrowing Without Taxing? Fiscal Solidarity of Next Generation EU in Light of the American Experience
Fiscal Rules and Federal Capacity in American Fiscal History
The Political Determinants of Fiscal Governance in the EU
Thomas Sargent face à Robert Lucas
Fairness and efficiency in US Revolutionary War takings and post-war debt redemption
Avons-nous besoin d'une union budgétaire en Europe
The Political Geography of the Eurocrisis
The Mutualization of Sovereign Debt
Europe's 'Hamiltonian moment'? On the political uses and explanatory usefulness of a recurrent historical comparison
How strong is the democratic defence of 'defence spending?' Consequence of military expenditure for democracy in OECD countries
Original Meanings
Essays in positive economics
A Monetary History of the United States, 1867-1960
Rational Expectations and the Theory of Price Movements
Asset Prices in an Exchange Economy
Econometric policy evaluation
Debt with Potential Repudiation
Optimal fiscal and monetary policy in an economy without capital
Expectations and the neutrality of money
Macroeconomics and Reality
Large Sample Properties of Generalized Method of Moments Estimators
Investigating Causal Relations by Econometric Models and Cross-spectral Methods
The Sinews of Power
Original Meanings
Notes of Debates in the Federal Convention of 1787
Public Debts
Novus Ordo Seclorum
Optimal Fiscal Policy in a Business Cycle Model
Implications of Security Market Data for Models of Dynamic Economies
Rules Rather than Discretion
On the Determination of the Public Debt
The Aggregate Demand for Treasury Debt
A Rational Theory of the Size of Government
Macroeconomic Features of the French Revolution
Interpreting Economic Time Series
Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns
The Theory of Sovering Debt and Spain under Philip II
Sustainable Plans
Chronicle of a Deflation Unforetold
Optimal Taxation without State‐Contingent Debt
A Model of Bimetallism
The Real-Bills Doctrine versus the Quantity Theory
Constitutions and Commitment
Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies
Founding choices
The Purchasing Power of Money
A Program for Monetary Stability
A Monetary History of the United States, 1867-1960
Default Risk and Income Fluctuations in Emerging Economies
American Government Finance in the Long Run
Novus Ordo Seclorum
| Unique citing works | 15 |
|---|---|
| Citations per year | 1,07 |
| Citation span | 2012 - 2024 (13) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 15 |