Results 11 to 20 of about 72,028 (44)
American Economic Journal: Macroeconomics, 2018 Sovereign debt crises involve debt restructurings characterized by a mix of face value haircuts and maturity extensions. The prevalence of maturity extensions has been hard to reconcile with economic theory.
Maximiliano A. Dvorkin +3 more
semanticscholar +1 more source
Public Debt and the Political Economy of Reforms
Social Science Research NetworkHow do electoral incentives influence the choice to experiment with a policy reform that generates uncertain future benefits? To answer this question, we examine a two-period model of redistributive politics with uncertain policy outcomes involving a ...
C. Esslinger, P. Boyer
semanticscholar +1 more source
Debt-Stabilizing Properties of GDP-Linked Securities: A Macro-Finance Perspective
Social Science Research NetworkWe study the debt-stabilizing properties of indexing debt to GDP using a consumption-based macro-finance model. To this end, we derive quasi-analytical pricing formulas for any type of bond or equity by exploiting the discretization of the state-space ...
Sarah Mouabbi +2 more
semanticscholar +1 more source
Regime-Dependent Sovereign Risk Pricing During the Euro Crisis
Social Science Research Network, 2016 Previous work has documented a greater sensitivity of long-term government bond yields to fundamentals in Euro area stress countries during the euro crisis, but we know little about the driver(s) of regimeswitches.
Anne-Laure Delatte +2 more
semanticscholar +1 more source
On the Macroeconomic Consequences of Over-Optimism
Social Science Research Network, 2018 Analyzing International Monetary Fund (IMF) data, we find that overly optimistic growth expectations for a country induce economic contractions a few years later.
P. Beaudry, T. Willems
semanticscholar +1 more source
, 2014 Term premia implied by maximum likelihood estimates of affine term structure models are misleading because of small-sample bias. We show that accounting for this bias alters the conclusions about the trend, cycle, and macroeconomic determinants of the ...
M. Bauer +2 more
semanticscholar +1 more source
Sovereign Stress, Unconventional Monetary Policy, and SME Access to Finance
Social Science Research Network, 2015 We investigate the effect of sovereign stress and of unconventional monetary policy on small firms JEL Classification: D22, E58, G21 ...
Annalisa Ferrando +2 more
semanticscholar +1 more source
A Seniority Arrangement for Sovereign Debt
, 2015 A sovereign's inability to commit to a course of action regarding future borrowing and default behavior makes long-term debt costly (the problem of debt dilution).
Satyajit Chatterjee, Burcu Eyigungor
semanticscholar +1 more source
Fiscal Rules and the Sovereign Default Premium
Social Science Research Network, 2012 We study fiscal rules using a sovereign default model. A debt-brake (spread-brake) rule imposes a ceiling on the fiscal deficit when the sovereign debt (spread) is above a threshold.
J. Hatchondo +2 more
semanticscholar +1 more source
Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models
The American Economic Review, 2018 We establish that creditor beliefs regarding future borrowing can be self-fulfilling, leading to multiple equilibria with markedly different debt accumulation patterns.
Mark Aguiar, M. Amador
semanticscholar +1 more source