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Keywords:Debts, Public 

Working Paper
Is monetary policy becoming less effective?

This paper estimates the amount by which the effectiveness of monetary policy in changing real output for a given change in interest rates has declined due to the increased size of the federal government debt.
Working Papers in Applied Economic Theory , Paper 95-05

Working Paper
Nominal debt as a burden on monetary policy

We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium. Without full commitment, the optimal sequential policy is to deplete the outstanding stock of debt progressively until these extra costs disappear. Nominal debt is therefore a burden on monetary policy, not only because it must be serviced, but also because it creates a time inconsistency problem that ...
Working Paper Series , Paper WP-04-10

Journal Article
Review of the month: Recent banking and credit developments

Federal Reserve Bulletin , Issue Jan

Journal Article
Do deficits cause inflation?

An examination of possible ways in which large, persistent federal budget deficits could cause inflation through action on money-stock growth, velocity, and real gross national product (GNP).
Economic Commentary , Issue Nov

Working Paper
The case of the undying debt

The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently yields ?1.20 per year. I tell the story of this unique debt, which serves as an anecdotal but symbolic summary of French public finances since the 18th century.
Working Paper Series , Paper WP-09-12

Journal Article
The benchmark U.S. Treasury market: recent performance and possible alternatives - commentary

Economic Policy Review , Issue Apr , Pages 149-153

Conference Paper
Monetary policy implications of greater fiscal discipline (general discussion)

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
The federal debt: too little revenue or too much spending

The rise in the national debt... is entirely a consequence of the federal government?s increase of expenditures without an offsetting increase in revenues.
Economic Synopses

Conference Paper
International market implications of declining Treasury debt, panel discussion

Proceedings

Working Paper
Do high debt payments hinder household consumption smoothing?

Recently, U.S. households have committed a rising share of disposable personal income to required principal and interest payments on household debt. Studies of the direct link between the household debt service ratio (DSR) and consumption show mixed results?perhaps because debt may instead alter the relationship between consumption and income. We explore this possibility by comparing the consumption smoothing behavior of households over the DSR distribution. We find that a high DSR alone does not indicate higher sensitivity of consumption to a change in income. However, we find evidence that ...
Finance and Economics Discussion Series , Paper 2007-52

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Debts, Public 93 items

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