"Leaning against the wind" - a tighter monetary policy than necessary for stabilizing inflation around the inflation target and unemployment around a long-run sustainable rate - has been justified as a way of reducing household indebtedness. In a recent paper Lars Svensson claims that this...

The indicator that is commonly used to assess the long-term fiscal sustainability of public finances in EU member states ("S2") is also defined if government borrowing rates are assumed to be permanently lower than the growth rate of GDP. Under these circumstances, however, it no longer provides...

According to the literature, two main factors sparked the European debt crisis: (1) macroeconomic imbalances originated by national governments and (2) institutional design flaws leading to feeble response by European authorities; still, economists disagree on the factors' strength. Using Bai...

In this paper, relations between public debt, economic growth, and long-term interest rates in Switzerland from 1894 to 2014 are examined. For this purpose, an original long-term dataset on the general gross public debt in Switzerland, namely the aggregation of the Confederation gross debt, the...

Las principales propuestas de reforma del marco de política fiscal de la Unión Europea inciden en tres bloques de cuestiones: i) simplificación de las reglas, para dotarlas de mayor transparencia y flexibilidad; ii) incorporación de nuevos instrumentos supranacionales de compartición de...

Las principales propuestas de reforma del marco de política fiscal de la Unión Europea inciden en tres bloques de cuestiones: i) simplificación de las reglas, para dotarlas de mayor transparencia y flexibilidad; ii) incorporación de nuevos instrumentos supranacionales de compartición de...