The Inflation Tax, Purchasing Power, the Savings Rate, and the Public Deficit

Replication

The repository contains everything needed to replicate the figures and data from the linked note:

Figure 1: Growth of net interest and dividends received, and of gross disposable income (2021Q4–)

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Figure 2: Interest burden vs. real interest burden (% of GDP)

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Figure 3: Public deficit and public deficit adjusted for the “inflation tax” (% of GDP)

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Table 1: In 2023, a decrease in the Debt/GDP ratio despite a deficit of 5.5% of GDP

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