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Understanding the effects of a shock to government purchases

Edelberg, Wendy; Eichenbaum, Martin; Fisher, Jonas D.M. - Federal Reserve Bank of Chicago - 1998

consumption expenditures fall. The paper argues that a simple variant of neoclassical growth model which distinguishes between …

Persistent link: https://www.econbiz.de/10005726318

Using stock returns to identify government spending shocks

Fisher, Jonas D. M.; Peters, Ryan - Federal Reserve Bank of Chicago - 2009

This paper explores a new approach to identifying government spending shocks which avoids many of the shortcomings of existing approaches. The new approach is to identify government spending shocks with statistical innovations to the accumulated excess returns of large US military contractors....

Persistent link: https://www.econbiz.de/10005078417

The case of the undying debt

Velde, François - Federal Reserve Bank of Chicago - 2009

public finances since the 18th century. …

Persistent link: https://www.econbiz.de/10008636088

Nominal debt as a burden on monetary policy

Díaz-Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - Federal Reserve Bank of Chicago - 2004

We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium....

Persistent link: https://www.econbiz.de/10005419963

Empirical research on sovereign debt and default

Tomz, Michael; Wright, Mark L. J. - Federal Reserve Bank of Chicago - 2012

The long history of sovereign debt and the associated enforcement problem have attracted researchers in many fields. In this paper, we survey empirical work by economists, historians, and political scientists. As we review the empirical literature, we emphasize parallel developments in the...

Persistent link: https://www.econbiz.de/10010593676

Government equity and money: John Law’s system in 1720 France

Velde, François - Federal Reserve Bank of Chicago - 2003

John Law’s System was a radical restructuring of French public finances, carried out from 1716 to 1720. It involved on … the one hand a conversion of the existing French public debt into something like government equity, on the other hand the … uncontrolled money creation. The System ended with the recreation of a public debt at, surprisingly, the same level as before. …

Persistent link: https://www.econbiz.de/10005726297