Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Working Paper No. 12/33

Nopic
This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the private sector. If monetary policy is constrained, the... READ MORE...

Publication date: January 2012
ISBN 9781463933180
$18.00

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Publication date: January 2012

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Publication date: January 2012

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