Corporate debt structure and monetary policy transmission: a general equilibrium approach

European Economic Review

Fiscal sustainability when public debt is high: The role of portfolio liquidity

This paper studies how the prevailing level of public debt shapes the transmission of fiscal and monetary policy shocks in a tractable heterogeneous three-agent New Keynesian model. When households rely on the liquidity services of government bonds to self-insure against idiosyncratic risk, higher public indebtedness a...

Fiscal-Monetary Interactions

This paper examines how the maturity structure of sovereign debt shapes fiscal–monetary interactions in the United States. Using exogenous monetary policy shocks and nonlinear local projections, we show that debt maturity influences both the fiscal consequences of monetary tightening and its macroeconomic transmission....

Monetary Policy Tightening and SME Bank-Credit Demand Substitution

Bank Inflation Expectations, Risk Premia and Lending Behavior

More Money for Some: The Redistributive Effects of Open Market Operations