Debt and deficits in the Weil (1989a) model. Suppose the public debt follows an arbi- trary (non-Ponzi) path in Weil's overlapping generations model. Show that aggregate per capita consumption satisfies - {+r) + (+) (+) = (1-8) n(ds+1-ds) 6. & + (117) (y's -B)). +(1+r)b, + s=t so that current and future deficits as well as the current debt level affect consumption.