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With real interest rates below the growth rate of the economy, but the marginal product of capital above it, the public debt can be lower than the present value of primary surpluses because of a bubble premia on the debt. The government can run a deficit forever.

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The constraint on public debt when r < g but g < m

With real interest rates below the growth rate of the economy, but the marginal product of capital above it, the public debt can be