Which of the following, regarding debt and growth, is false?

a. If there is no (nominal) GDP growth, the debt/GDP ratio can only be reduced

through fiscal surplus.

b. Furman and Summers argue that the debt/GDP ratio is a misleading measure of

a country's debt burden in an era of low interest rates.

c. The burden of a dollar borrowed by the government today decreases over

timerelative to GDPif the interest rate on government debt is larger than the

nominal economic growth rate.

d. Blanchard and Leigh found that, following the Great Recession, countries that

enacted fiscal austerity had less economic growth than they expected, and vice- versa.