The study analyzes the relationship between external debt and economic growth in the
South Asian region. The panel ordinary least square (OLS), fixed effect, Quantile regression …

The COVID-19 pandemic provides a unique setting in which to evaluate the importance of a
country's fiscal capacity in explaining the relation between economic growth shocks and …

We examine the asset pricing implications of a production economy whose long‐term
growth prospects are endogenously determined by innovation and R&D. In equilibrium …

The surge in public debt triggered by the financial crisis has raised uncertainty about future
tax pressure and economic activity. We examine the asset pricing effects of fiscal policies in …

Recent fiscal interventions have raised concerns about US public debt, future distortionary
tax pressure, and long-run growth potential. We explore the long-run implications of public …

Premiums on US sovereign credit default swaps (CDS) have risen to persistently elevated
levels since the financial crisis. We examine whether these premiums reflect the probability …

ABSTRACT A higher US government debt‐to‐output (D‐O) ratio does not forecast higher
surpluses or lower returns on Treasurys in the future. Neither future cash flows nor discount …

We investigate optimal tax policy in a Romer-style endogenous growth model. We derive
formulas for the optimal tax rates on capital, labour, and innovation on a balanced growth …

I develop a model of real exchange rate determination that attributes a central role to the
intertemporal government budget condition, which equates the market value of government …

In a monetary union, the risk-free rate cannot respond to country-level fiscal positions,
leaving only default spreads and convenience yields to respond. Empirically, we find that …