buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … first proposition because, if it were, that would mean that a particular good is buying goods.(3) Default on debt is …

motive for expectation management that aims towards the manipulation of equilibrium prices of government debt in a favorable …

In this paper I test two models of strategic debt behavior. The general idea is that if a government anticipates the … possibility of defeat in the next election it will try to use the debt strategically in order to influence the policy of its … successor. Previous empirical studies have either rejected the strategic explanation of debt or have not been able to isolate …

also addressing, albeit in a limited way, the larger political issue of the nation's debt and deficit along with the …

I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …- term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped … by revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an …

stagnant financial profits, falling mortgage debt and rising public debt. The reliance of households on the formal financial … state debt and to financial regulation. …

Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for … debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. Monetary policy can …

range of crises, including banking, balance-of-payments, and sovereign debt crises. It reviews the typical patterns prior to …