Search Results

Showing results 1 to 2 of approximately 2.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:Public debt 

Working Paper
Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default

Europe?s debt crisis resembles historical episodes of outright default on domestic public debt about which little research exists. This paper proposes a theory of domestic sovereign default based on distributional incentives affecting the welfare of risk-averse debt and non-debtholders. A utilitarian government cannot sustain debt if default is costless. If default is costly, debt with default risk is sustainable, and debt falls as the concentration of debt ownership rises. A government favoring bondholders can also sustain debt, with debt rising as ownership becomes more concentrated. These ...
Working Papers , Paper 16-23

Blog
The Impact of the Fed’s Response to COVID-19 So Far

Since the end of February, the assets of the Federal Reserve have grown by $3 trillion as the Fed has taken measures to alleviate the economic impact of the pandemic.
On the Economy

FILTER BY year

FILTER BY Series

FILTER BY Content Type

Blog 1 items

Working Paper 1 items

FILTER BY Author

FILTER BY Jel Classification

E44 1 items

E6 1 items

F34 1 items

H63 1 items

FILTER BY Keywords

PREVIOUS / NEXT