Debt in emerging markets and developing economies is at its highest level in half a century.
In about 9 in 10 emerging markets and developing economies, debt is higher now than it …

While public debt has risen in the last two decades, the return that it offers to investors has
fallen, especially relative to the return on private investment. This creates a revenue for the …

We ask how fiscal deficits are financed in environments with two key features:(i) nominal
rigidity, and (ii) a violation of Ricardian equivalence due to finite lives or liquidity constraints …

The government budget constraint ties the market value of government debt to the expected
present discounted value of fiscal surpluses. We find evidence that US Treasury investors …

Governments face difficult policy trade-offs with record debt levels, tightening monetary
policies, and urgent demands, including food and energy crises, the climate agenda, and …

We study three centuries of UK, US and Dutch fiscal history. When a country is the dominant
safe asset supplier, it can issue more debt than what is justified by its future primary …

Governments around the world embarked on a large fiscal expansion in response to the
GFC and COVID-19 crises, increasing government debt to levels not seen in 75 years. We …

We study equilibria in a heterogeneous-agent incomplete-market economy with nominal
government debt and flexible prices. Unlike in representative agent economies, steady-state …

Governments around the world responded to the economic fallout from the COVID pandemic
with unprecedented transfers to households and firms, financing these transfers with large …

This article studies the public debt implications of an analytically tractable class of
incomplete insurance macroeconomic models in which agents face a near‐zero probability …