This paper presents a theory of the maturity of international sovereign debt and derives its implications for the reform of the international financial architecture. It presents a general equilibrium model in which the need to roll over external debt disciplines the policies of debtor countries...

The link between monetary policy and asset price movements has been of perennial interest to policymakers. In this paper, we consider the potential case for preemptive monetary restrictions when asset price reversals can have serious effects on real output. First, we present some stylized facts...

In OECD countries watching television is by far the most time-consuming form of leisure. Surprisingly, television viewing is positively correlated with work hours across countries. A simple model based on the notion of aggregate strategic complementarities in social leisure is developed which...

Evidence from a sample of countries show that people roughly spend as much time watching television as earning their living. Moreover, television viewing and work hours are positively correlated across countries. A simple model based on complementarities in the organization of free time is...

Evidence from a sample of countries show that people roughly spend as much time watching television as earning their living. Moreover, television viewing and work hours are positively correlated across countries. A simple model based on complementarities in the organization of free time is...

In OECD countries watching television is by far the most time-consuming form of leisure. Surprisingly, television viewing is positively correlated with work hours across countries. A simple model based on the notion of aggregate strategic complementarities in social leisure is developed which...

Equity and efficiency can both be promoted, under some circumstances, by means of a sovereign wealth fund that mainly invests in the world stock market and whose gains are earmarked to a social dividend. A simple overlapping generation model with a fraction of hand-to-mouth agents is developed...