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Equity Depletion from Government-Guaranteed Debt
Equity Depletion Government-Guaranteed Debt
2015/7/20
Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Mille...
Fiscal Stability of High-Debt Nations under Volatile Economic Conditions
National debt deficit fiscal policy
2015/7/20
Using a recursive empirical model of the real interest rate, GDP growth and the primary government deficit in the United States, I solve for the ergodic distribution of the debt/GDP ratio. If such a d...
Fiscal Policy in Debt Constrained Economies
Fiscal Policy Debt Constrained Economies optimal fiscal policy
2014/3/12
We study optimal fiscal policy in a small open economy (SOE) with sovereign and private default risk and limited commitment to tax plans. The SOE's government uses linear taxation to fund exogenous ex...