. Aging is already placing a burden on government finances, and Japan's ability to confront the negative fiscal implications … of future aging is constrained by its very high debt-to-GDP ratio. We find that Japan faces a severe fiscal crisis if …

motive for expectation management that aims towards the manipulation of equilibrium prices of government debt in a favorable …This paper studies the design of optimal fiscal policy when a government that fully trusts the probability model of … government expenditures faces a fearful public that forms pessimistic expectations. We identify two forces that shape our results …

We examine the impact of different degrees of fiscal feedback on debt in an economy with nominal rigidities where …

In this paper I test two models of strategic debt behavior. The general idea is that if a government anticipates the … of debt behavior, the main findings of this paper strongly suggest that a right-wing government accumulates more debt … other hand, a left-wing government decreases the level of debt the higher the possibility of its defeat. Moreover, the …

Historically high levels of private and public debt coupled with already very low short-term interest rates appear to … considered is monetary financing by central banks to boost demand and/or relieve debt burdens. We find little empirical evidence … government, it engaged in significant direct or indirect monetary financing to support fiscal expansion, economic growth, and …