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We explore the effects of fiscal and monetary policy shocks on key debt management variables and provide empirical evidence supporting the notion of a strict separation of economic policy from the debt management agenda. We find that a tighter monetary policy coupled with fiscal expansion...
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The large Public Sector Purchase Programme (PSPP) which the ECB started in 2015 on the basis of monetary policy purposes, had major side-effects on fiscal policy. One concerns the programme´s uncommon seigniorage effects. We find that the PSPP not only led to partly negative seigniorage gains,...
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This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present …, focusing on four debates. First, the shift from an "accounting based" view of debt sustainability, evaluated using government … relationship between primary balances to debt. Third, debt sustainability in the presence of rollover risk. And fourth, whether …
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