ARTICLE IN PRESS


What is a Sustainable Public Debt?
P.
*
  D’Erasmo*, E.G. Mendoza,{, J. Zhang§
Federal Reserve Bank of Philadelphia, Philadelphia, PA, United States

PIER, University of Pennsylvania, Philadelphia, PA, United States
{
NBER, Cambridge, MA, United States
§
Federal Reserve Bank of Chicago, Chicago, IL, United States

Contents
1. Introduction                                           2498
2. Empirical Approach                                        2502
  2.1 Classic Debt Su ...