economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …

recent global surges in inflation and government spending. This study applies the FTPL to 37 OECD countries for 2020 …-2022. The theory's centerpiece is the government's intertemporal budget constraint, which relates a country's inflation rate in … and the duration of the debt in 2019. This specification has substantial explanatory power for recent inflation rates …

recession of 2008-2009, to think about fiscal pressures on US inflation, and what sequence of events might surround such an … inflation. I emphasize that a fiscal inflation can come well before large deficits or monetization are realized, and is likely …

public finances. We show that when the ECB misses its inflation target this has large heterogeneous fiscal consequences for … missing their inflation targets. They are also sizeable …

We propose a continuous time model of nominal debt and investigate the role of inflation credibility in the potential … for self-fulfilling debt crises. Inflation is costly, but reduces the real value of outstanding debt without the full … punishment of default. With high inflation credibility, which can be interpreted as joining a monetary union or issuing foreign …