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...

Studies that estimate the Phillips curve for the U.S. use mainly national-level data and find mixed evidence of nonlinearity, with some recent studies either rejecting nonlinearity or estimating only modest convexity. In addition, most studies do not make a distinction between the relative...

Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules applied to an open economy. For this purpose, I build a two-country DSGE model with monopolistic...