E63

Marco Bassetto · David S Miller

Overview Research Question. Why do sudden inflations and currency crises occur, while symmetric sudden deflations never do? The paper asks whether treating nominal government bonds as analogous to …

George-Marios Angeletos · Chen Lian · Christian K. Wolf

The paper asks whether a government can run a deficit today — issuing “stimulus checks” — and allow debt to return to its initial level without any future tax hike or spending cut. In …

Sebastian Schmidt

The paper builds a discrete-time DSGE model with Calvo sticky prices in which the public sector has two feedback rules that can hit corners, generating endogenous shifts between an …

Camelia Minoiu · Rebecca Zarutskie · Andrei Zlate

Overview Research Question. Minoiu, Zarutskie, and Zlate ask whether participation in the Main Street Lending Program (MSLP)—a Federal Reserve emergency facility launched in mid-2020 to channel credit …

Árpád Ábrahám · Eva Carceles-Poveda · Yan Liu · Ramon Marimon

Layer 1 — Overview Research Question This paper asks how to optimally design a Financial Stability Fund (Fund) for a union of sovereign countries that must simultaneously (i) prevent sovereign …

Ojasvita Bahl · Chetan Ghate · Debdulal Mallick

Layer 1 — What this paper finds and why it matters Governments in emerging market and developing economies (EMDEs) routinely intervene in agricultural markets — procuring grain and redistributing it …