A Ramsey planner chooses a distorting tax on labor and manages a portfolio of securities in
an economy with incomplete markets. We develop a method that uses second order …

Over the past four decades, government debt as a fraction of GDP has been on an upward
trajectory in advanced economies, approaching levels not reached since World War II. While …

Emerging markets have experienced large human and economic costs from coronavirus
disease 2019, and their tight fiscal space has limited the support extended to their citizens …

The paper studies how high household leverage and crises can be caused by changes in
the income distribution. Empirically, the periods 1920–1929 and 1983–2008 both exhibited …

A quantitative investigation of financial intermediation in the United States over the past 130
years yields the following results:(i) the finance industry's share of gross domestic product …

This article shows that official statistics substantially underestimate the net foreign asset
positions of rich countries because they fail to capture most of the assets held by households …

We revisit to what extent the increase in income inequality since 1980 was mirrored by
consumption inequality. We do so by constructing an alternative measure of consumption …

In 2007, countries in the euro zone periphery were enjoying stable growth, low deficits, and
low spreads. Then the financial crisis erupted and pushed them into deep recessions …

We provide an overview of the recent developments of the literature on the determinants of
long-term capital flows, global imbalances, and valuation effects. We present the main …

We study the optimal accumulation of international reserves in a quantitative model of
sovereign default with long-term debt and a risk-free asset. Kee** higher levels of …