Search Results

SORT BY: PREVIOUS / NEXT
Keywords:long-term debt 

Working Paper
Optimal Time-Consistent Taxation with Default

We study optimal time-consistent distortionary taxation when the repayment of government debt is not enforceable. The government taxes labor income or issues noncontingent debt in order to finance an exogenous stream of stochastic government expenditures. The government can repudiate its debt subject to some default costs, thereby introducing some state-contingency to debt. We are motivated by the fact that domestic sovereign default is an empirically relevant phenomenon, as Reinhart and Rogoff (2011) demonstrated. Optimal policy is characterized by two opposing incentives: an incentive to ...
FRB Atlanta Working Paper , Paper 2017-12

Speech
Panel remarks at the Clearing House annual conference

Remarks at The Clearing House Annual Conference, New York City.
Speech , Paper 187

FILTER BY year

FILTER BY Series

FILTER BY Content Type

Speech 1 items

Working Paper 1 items

FILTER BY Author

FILTER BY Jel Classification

D52 1 items

E43 1 items

E62 1 items

H21 1 items

H63 1 items

PREVIOUS / NEXT