Craig Burnside

Craig Burnside · Martin Eichenbaum

This 1994 NBER working paper (published in the *American Economic Review*, December 1996, 86(5): 1154-1174) asks whether letting firms vary how intensively they use their existing capital stock -- a …

Craig Burnside · Martin Eichenbaum · Sergio Rebelo

This paper builds a general-equilibrium model in which a currency crisis is triggered by prospective government deficits and shows that governments finance the resulting fiscal costs mainly through …

Craig Burnside · Martin Eichenbaum · Sergio Rebelo

Studies how governments finance the fiscal costs of "twin" currency-and-banking crises and shows that debt devaluation and implicit or explicit fiscal reform, not just money printing, can explain why …

Craig Burnside · Martin Eichenbaum · Sergio Rebelo

Argues that the 1997 Asian currency crisis was driven by large prospective government deficits -- the anticipated future fiscal cost of bailing out failing banking systems -- rather than by the …