from the International Monetary Fund. I first present a model of sovereign debt issuance at various maturities featuring … IMF lending during debt crises on the sovereign's optimal maturity structure. Within the model, although IMF assistance is … able to catalyse private flows, this provides incentives for government to issue larger amounts of short-term debt, making …

of Governors’ preferred inflation gauge, the price index for Personal Consumption Expenditures (PCE). The result is a new …

in an economy without interest payments. When the level of indeterminacy is the same, then economic volatility is reduced … with the introduction of interest payments. However, when there exists greater indeterminacy in the interest … with interest payments. Finally, under a narrow set of conditions, unpleasant monetarist arithmetic may obtain. …

households and makes loans to entrepreneurs, in both countries. It has to finance a fraction of loans using equity. We …