منابع مشابه
A fiscal theory of sovereign risk
Under certain monetary-fiscal regimes the risk of default and thus the emergence of sovereign risk premiums are inevitable. This paper argues that in this context even small differences in the specification of monetary policy can have enormous effects on the equilibrium behavior of default rates and risk premiums. Under some monetary policy rules studied, the conditional expectation of default ...
متن کاملFiscal Policy , Sovereign Risk , and Unemployment ∗
How should fiscal policy be conducted in the presence of default risk? We address this question using a sovereign default model with nominal rigidities. An increase in government spending during a recession stimulates economic activity and reduces unemployment. Because the government lacks commitment to future debt repayments, expansionary fiscal policy increases sovereign spreads, making the f...
متن کاملIntergenerational Risk Sharing and Fiscal Policy
The paper examines the allocation of macroeconomic risks a stochastic growth model with overlapping generations. For several standard models with CRRA preferences, I find laissez faire ex ante inefficient in the direction of imposing too little productivity risk on the old and too much risk on the young and on future generations. Governments commonly issue safe debt and promise safe public pens...
متن کاملSovereign Debt Risk Premia and Fiscal Policy in Sweden∗
This paper takes a step toward providing a general equilibrium framework within which to study the nub of the current fiscal debate around the world: what are the tradeoffs between short-run stabilization and long-run sustainability when the perceived riskiness of government debt depends, in part, on the current and expected fiscal environment in place? We calibrate a simple model to Swedish fi...
متن کاملASEAN Journal of Psychiatry
The abstract should include: Objective: purpose of the study or research question; Methods: study design, sample selection, setting, subjects, interventions(s) if any and main outcome measure(s); Results: main findings (giving their statistical significance, if possible); and Conclusions. Text: Introduction Provide a context or background for the study (i.e., the nature of the problem and its s...
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ژورنال
عنوان ژورنال: Agenda - A Journal of Policy Analysis and Reform
سال: 2005
ISSN: 1322-1833,1447-4735
DOI: 10.22459/ag.12.03.2005.03