The macroeconomic response to the economic crisis has revived old debates about the usefulness of monetary and fiscal policy in fighting recessions. Without the ability to further lower interest rates, policy authorities in many countries have turned to expansionary fiscal policies. Recent...

This paper studies the role played by the IMF during sovereign debt restructurings and extracts lessons for future official interventions. To do so, I compare twelve recent debt restructurings. I begin by detailing the main features (“restructuring strategies”) of each episode. I then...

Remarks at the Bastiat–Hoiles Prize Dinner, New York City, NY, November 12, 2011 ; "As Bastiat wrote in the aftermath of the French Revolution of 1848, we are at risk of becoming a nation where 'the state is responsible for providing a living for everyone.' The reality is that even if this...