This paper examines the impact of public debt on fiscal balance. This study uses the standard debt equation in a fiscal reaction and impulse response functions framework to assess the trajectory of public debt and its sustainability within the Sub-Sahara region from 1980-2017. From the...

This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient...

A timely, broadly revisionist, essential book by one of our foremost economic observers takes down one of the most cherished tenets of contemporary financial thinking: that spending less, refusing to forgive debt, and shrinking government--"austerity"--is a solution to the current economic...