The textbook optimal policy response to an increase in government debt is simple—
monetary policy should actively target inflation, and fiscal policy should smooth taxes while …

This study is the first attempt to empirically analyse stock market manipulation on the
Nigerian Stock Exchange and its consequences on economic performance. The empirical …

Increasing the independence of a central bank from political influence, although ex-ante
socially beneficial and initially successful in reducing inflation, would ultimately fail to lower …

I model a stochastic non‐cooperative game between an independent central bank and a
treasury and study optimal time‐consistent policy in the context of demand‐driven …

How does the presence of sovereign risk affect the conduct of public policy? To answer this
question, this paper studies optimal monetary and fiscal policy without commitment for a …

We study the monetary instrument problem in a dynamic noncooperative game between
separate, discretionary, fiscal and monetary policy makers. We show that monetary …

We construct and calibrate a monetary model of corporate finance with endogenous
formation of lending relationships. The equilibrium features money demands by firms that …

The US has experienced three episodes in which public expenditure temporarily increased
to very high levels: the Civil War, World War I and World War II. These wars share a set of …

The authors study the nature of the optimal monetary policy in a regime of fiscal dominance
when the monetary authority—which can print money or issue interest-earning debt—is …

Whether currency can be efficiently provided by private competitive money suppliers is
arguably one of the fundamental questions in monetary theory. It is also one with practical …