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Working Paper
Maturity, indebtedness, and default risk
Eyigungor, Burcu; Chatterjee, Satyajit
(2011)
In this paper, the authors advance the theory and computation of Eaton-Gersovitz style models of sovereign debt by incorporating long-term debt and proving the existence of an equilibrium price function with the property that the interest rate on debt is increasing in the amount borrowed and implementing a novel method of computing the equilibrium accurately. Using Argentina as a test case, they show that incorporating long-term debt allows the model to match the average external debt-to-output ratio, average spread on external debt, the standard deviation of spreads and simultaneously ...
Working Papers
, Paper 11-33
Conference Paper
The conduct of monetary policy with a shrinking stock of government debt
Smith, Bruce D.; Schreft, Stacey L.
(2002)
Proceedings
Journal Article
Changes in structure of the federal debt
anonymous
(1963-03)
Federal Reserve Bulletin
, Issue Mar
, Pages 301-310
Working Paper
Monetary steady states in a low real interest rate economy
Russell, Steven; Bullard, James B.
(1998)
We study the properties of an overlapping generations model with many-period-lived agents, neoclassical production and capital accumulation, labor-leisure decisions, population growth, and technological progress. We demonstrate that a plausibly calibrated version of this model has "monetary steady states" -Samuelson-case steady states with large real stocks of unbacked government debt. These steady states can duplicate a number of important features of U.S. postwar data, including three phenomena that challenge other sorts of calibrated models: the low average real interest rate on U.S. ...
Working Papers
, Paper 1994-012
Journal Article
Is the Fed monetizing government debt?
Li, Li; Andolfatto, David
(2013)
Under this latter scenario, the Fed is not monetizing government debt ? it is simply managing the supply of the monetary base in accordance with the goals set by its dual mandate.
Economic Synopses
Working Paper
Federal government debt and inflation: evidence from Granger causality tests
Hein, Scott E.; Hafer, Rik
(1986)
Working Papers
, Paper 1986-003
Journal Article
Treasury finance and the money market
anonymous
(1943-07)
Federal Reserve Bulletin
, Issue Jul
, Pages 587-593
Working Paper
Political disagreement, lack of commitment and the level of debt
Debortoli, Davide; Nunes, Ricardo
(2008)
We analyze how public debt evolves when successive policymakers have different policy goals and cannot make credible commitments about their future policies. We consider several cases to be able to disentangle and quantify the respective effects of imperfect commitment and political disagreement. Absent political turnover, imperfect commitment drives the long-run level of debt to zero. With political disagreement, debt is a sizeable fraction of GDP and increasing in the degree of polarization among parties, no matter the degree of commitment. The frequency of political turnover does not ...
International Finance Discussion Papers
, Paper 938
Journal Article
President's message
Poole, William
(2006-07)
Review
, Volume 88
, Issue Jul
, Pages 219-220
Working Paper
Financial globalization, inequality, and the raising of public debt
Azzimonti-Renzo, Marina; Quadrini, Vincenzo
(2012)
During the last three decades, the stock of government debt has increased in most developed countries. During the same period, we also observe a significant liberalization of international financial markets and an increase in income inequality in several industrialized countries. In this paper we propose a multicountry political economy model with incomplete markets and endogenous government borrowing and show that governments choose higher levels of public debt when financial markets become internationally integrated and inequality increases. We also conduct an empirical analysis using OECD ...
Working Papers
, Paper 12-6
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