At the height of the Great Depression a number of leading US economists advanced a
proposal for monetary reform that became known as the Chicago Plan. It envisaged the …

Investors value the liquidity and safety of US Treasuries. We document this by showing that
changes in Treasury supply have large effects on a variety of yield spreads. As a result …

They were supposed to be exceptional and temporary—hence the term 'unconventional'.
They risk becoming standard and permanent, as the boundaries of the unconventional are …

This article analyses the impact of strained government finances on macroeconomic stability
and the transmission of fiscal policy. Using a variant of the model by Cúrdia and Woodford …

The recent sharp increase in fiscal deficits and government debt in many countries raises
questions regarding their impact on long-term sovereign bond yields. While economic theory …

THE CONVENTIONAL INSTRUMENT of monetary policy in most major industrial economies
is the very short term nominal interest rate, such as the overnight federal funds rate in the …

We examine empirically how the supply and maturity structure of government debt affect
bond yields and expected returns. We organize our investigation around a term-structure …

Can monetary policy committees, accustomed to describing their plans and actions in terms
of the level of a short-term nominal interest rate, find effective means of conducting and …

We use a panel of 16 OECD countries over several decades to investigate the effects of
government debts and deficits on long-term interest rates. In simple static specifications, a …

This paper analyses recent large movements in the yield spread for sovereign bonds as
between Germany and other euro area countries. While the general increase in risk …