When does a swap between private and public money leave the equilibrium allocation and
price system unchanged? To answer this question, the paper sets up a generic model of …

I examine the “fiscal theory of the price level” according to which “non-Ricardian” policy and
predetermined nominal government debt fiscally determine prices. I argue that the non-…

We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits
while the central bank issues reserves and a retail CBDC. Monies differ with respect to …

We analyze the short and long-run effects of demographic ageing – increased longevity and
reduced fertility – on per-capita growth. The OLG model captures direct effects, working …

We document that creditor losses (“haircuts”) during sovereign debt restructurings vary
across debt maturity. In our novel dataset on instrument-specific haircuts suffered by private …

We embed a lockdown choice in a simplified epidemiological model and derive formulas for
the optimal lockdown intensity and duration. The optimal policy reflects the rate of time …

We analyze the effect of the projected demographic transition on the political support for
social security, and equilibrium outcomes. Embedding a probabilistic-voting setup of electoral …

I offer a macroeconomic perspective on the" Reserves for All"(RFA) proposal to let the general
public use electronic central bank money. After distinguishing RFA from cryptocurrencies …

How does sovereign risk shape the maturity structure of public debt? We consider a government
that balances benefits of default, due to tax savings, and costs, due to output losses. …

We investigate how politico-economic factors shaped government responses to the spread
of COVID-19. Our simple framework uses epidemiological, economic and politico-economic …