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 …

The aim of this paper is to examine the interdependence between higher education on the
one hand and the competitiveness of the economy and sustainable development on the …

What is the optimal fiscal policy response to a recession when the government is subject to
sovereign risk? We study this question in a model of endogenous sovereign default with …

We present a dynamic two-country model in which military spending, geopolitical risk, and
government bond prices are jointly determined. The model is consistent with three empirical …

ABSTRACT A fundamental question in organizational economics is how to structure
organizations to better align incentives across levels. While monitoring could mitigate …

How will sovereign debt markets evolve in the 21st century? We survey how the literature
has responded to the eurozone debt crisis, placing" lessons learned" in historical …

Despite a formal 'no-bailout clause', we estimate significant net present value transfers from
the European Union to Cyprus, Greece, Ireland, Portugal and Spain, ranging from roughly …

This paper discusses the fiscal impact of the COVID-19 crisis across levels of government. It
contrasts the composition of revenues and expenditures of different levels of government …

This paper shows that inattention to taxes generates a time-inconsistency problem in the
choice of tax policy, leading to higher taxes in equilibrium. These discretionary tax increases …

We study a fiscal policy model in which the government is present‐biased towards public
spending. Society chooses a fiscal rule to trade off the benefit of committing the government …