Acknowledgements - The International Economic Association - List of Participants - Abbreviations and Acronyms - Introduction; K.J.Arrow & M.J.Boskin - PART 1 PUBLIC DEBT AND MACROECONOMICS - Deficits Monetary Policy and Real Economic Activity; R.Eisner & P.J.Pieper, Discussion - On the Relevance or Irrelevance of Public Financial Policy; J.E.Stiglitz, Discussion - Concepts and Measures of Federal Deficits and Debt and their Impact on Economic Activity; M.J.Boskin, Discussion - Optimum Fiscal Policy when Monetary Policy is Bound by a Rule: Ramsey Redux; E.S.Phelps & K.Velupillai - PART 2 PUBLIC DEBT AND EQUITY - Public Debt and Intergeneration Equity; R.A.Musgrave, Discussion - Debt Burden and Intergeneration Equity; T.Ihori, Discussion - PART 3 ASPECTS OF PUBLIC DEBT THEORY AND PRACTICE - Debt and Taxes in War and Peace: The Closed Economy Case; J.S.Flemming, Discussion - Public Debt and Fiscal Policy in Developing Countries; V.Tanzi & M.K.Blejer, Discussion - Benefits and Burdens of Indexed Debt: Some Lessons from Israel's Experience; E.Kleiman, Discussion - Debt, Wealth and the Rate of Growth: an Exercise in Equilibrium Dynamics; S.Gorini, Discussion - Index