The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and its relevance has suddenly increased further, after the recent Covid-19 shock. The analysis of fiscal stabilization in the United States, a monetary...

We present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki. Our inference comes from a statistically well-specified VAR model constructed on a quarterly basis from 1980 to 2008. US output is our variable of interest, and it...

International criminal prosecutions have become more common since 1993, both domestically and at international courts and tribunals. Where the United States government is unable to control how and when international criminal law is enforced, prosecutions may confront realist U.S. self-interest....

In January 1995, as in August 1982, Mexico was on the verge of defaulting on its foreign obligations. On both occasions the U.S. government contributed, and helped align the contribution of others, to a financial rescue package to avoid default. However, the characteristics of the 1995 financial...

This paper assesses the sensitivity of U.S. Treasury yields to supply shocks that may be triggered by massive sell-offs of U.S. Treasuries. A VAR model is estimated to analyze the supply elasticity of U.S. Treasury yields over the 2000-2008 period. The results suggest that China has the...

This paper estimates a VAR model to assess the sensitivity of U.S. Treasury yields to supply shocks that may be triggered by massive sell-offs of Treasury securities by foreign holders. The results suggest that the Treasury yield was not very susceptible to changes in supply and that if China,...

On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium “New Paradigms in Money and Finance?” All the papers in the present SUERF Study are based on...