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Keywords:Debts, Public 

Journal Article
How good are the government’s deficit and debt projections and should we care?

Each year, the Congressional Budget Office (CBO) publishes its Budget and Economic Outlook. The CBO?s deficit projections for the current fiscal year (FY) and the next 10 FYs are widely followed because they provide an assessment of the medium-term budget outlook based on current law and a presumed path for the economy over the next decade. Admittedly, this task is more difficult because of the required assumption that the laws governing future outlays and revenues do not change. Nevertheless, given its nonpartisan nature and the CBO?s well-respected staff of professional economists and ...
Review , Volume 94 , Issue Jan , Pages 21-39

Speech
The road to recovery: Brooklyn

Remarks by President Dudley at the Brooklyn Chamber of Commerce Brooklyn Borough Hall, Brooklyn, New York.
Speech , Paper 58

Conference Paper
Consequences of going private buyouts for public debt and preferred stock: 1974-1985

Proceedings , Paper 232

Journal Article
The institutionalization of treasury note and bond auctions, 1970-75

The substitution of auctions for fixed-price offerings was expected to lower the U.S. Treasury's cost of financing the federal debt. Despite this and other potential benefits, the Treasury failed in both 1935 and 1963 in its attempts to introduce regular auction sales of coupon-bearing securities. This article examines the Treasury's third and successful attempt between 1970 and 1975. The author identifies three likely reasons why the Treasury succeeded in the early 1970s: it closely imitated its successful and well-understood bill auction process, it extended the maturity of auction ...
Economic Policy Review , Issue May , Pages 29-45

Working Paper
Financial globalization, inequality, and the raising of public debt

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

Working Paper
Monetary steady states in a low real interest rate economy

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

Conference Paper
Long-term tendencies in budget deficits and debt (commentary)

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Are government deficits monetized? Some international evidence

Business Review , Issue Nov , Pages 13-22

Conference Paper
Budget deficits and debt: issues and options : a symposium, Jackson Hole, Wyoming, August 31-September 2 1995

Proceedings - Economic Policy Symposium - Jackson Hole

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