This paper is linked to two debates on fiscal policies: first, the implications of low interest-growth differentials … for debt sustainability and, second, the reform of the EU fiscal governance framework. In both debates the choice of … government debt anchor and the speed of adjustment take centre stage. The Stability and Growth Pact's debt rule appears …

Unstable government debt dynamics can typically be corrected by various fiscal instruments, like appropriate … adjustments in government spending, public transfers, or taxes. This paper investigates properties of state-contingent debt … targeting rules which link stabilizing budgetary adjustments around a target level of long-run debt to the state of the economy …

increased delays in public payments can affect private sector liquidity and profits and hence ultimately economic growth. We …

‐term debt over the period 1992‐2017. Debt managers increased short‐term debt issuance in response to higher interest rate …This study analyses the choice of government debt managers in the euro area between issuing short‐term or long … spreads and to rising government debt, notably in vulnerable, high‐debt countries. Thus, lower long-term rates as a result of …

This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the … economic implications of public debt management during the PSPP and its relevance for monetary policy transmission …

This paper analyses the empirical relationship between fiscal policy and the current account of the balance of payments … allowed to alter according to the government debt to GDP ratio. The results show that for countries with debt to GDP ratios up … fiscal deficit leads to a higher current account deficit. For very high debt countries this relationship however turns …

sticky price economy with monopolistic distortions. Monetary policy determines nominal interest rates and fiscal policy …

followed neutral policies based on expenditure rules since the start of EMU. It also calculates the implications for debt … higher expenditure and debt paths compared to a counterfactual neutral expenditure stance. Simple and prudent rules …

This paper highlights the importance of debt-related fiscal rules and derives growth-maximizing public debt ratios from … a simple theoretical model. On the basis of evidence on the productivity of public capital, we estimate public debt …-run optimizing behavior, assuming that governments implement the so-called golden rule over the cycle; that is, they contract debt …