While public debt has risen in the last two decades, the return that it offers to investors has
fallen, especially relative to the return on private investment. This creates a revenue for the …

From Nobel Prize–winning economist and New York Times bestselling author Robert
Shiller, a groundbreaking account of how stories help drive economic events—and why …

This paper takes stock of what we have learned from the “Renaissance” in fiscal research in
the ten years since the financial crisis. I first discuss the new innovations in methodology and …

Where do inflation and deflation ultimately come from? The fiscal theory of the price level
offers a simple answer: Prices adjust so that the real value of government debt equals the …

We review the debate surrounding the macroeconomic effects of deficit reduction policies
(austerity). The discussion about" austerity" in general has distracted commentators and …

A dive into the origins, management, and uses and misuses of sovereign debt through the
ages. Public debts have exploded to levels unprecedented in modern history as …

We study the link between fiscal austerity and Nazi electoral success. Voting data from a
thousand districts and a hundred cities for four elections between 1930 and 1933 show that …

This article analyzes the monetary policy of major central banks during the economic crisis
generated by the COVID-19 pandemic. Rising public debt in many countries is being …

This article argues that an important, yet overlooked, determinant of the government
spending multiplier is the direction of the fiscal intervention. Regardless of whether we …

The effects of austerity in response to financial crises are widely contested and assumed to
cause significant electoral backlash. Nonetheless, governments routinely adopt austerity …