No-one is optimistic about the Eurozone’s prospects. This column highlights the major
causes of the Eurozone crisis, highlighting that many…
This paper explores the menu of options for renormalizing public debt levels relative to nominal activity in the long run, should…
What is the socially optimal level of liquidity in a retirement savings system?
Liquid retirement savings are desirable because liquidity…
Observed over long periods, the upward path of the output of most economies occasionally takes jagged steps down. More often than not,…
The literature on external default has stressed the existence of the so-Âcalled debtÂ-intolerance puzzle: developing nations tend to…
Jeffrey Frankel
Professor, Harvard University’s Kennedy School of Government
Jeffrey A. Frankel is James W. Harpel Professor of Capital…
In both advanced and emerging economies, policymakers,
academics, and the financial community were still trying to make
sense of the…
High public debt often produces the drama of default and restructuring. But debt is
also reduced through financial repression (FR), a tax…
We document the link between increased levels of economic and policy uncertainty and unemployment at the state-level during the 2007-2009…
Germans cannot agree to unlimited bailouts of euro members. On the other hand, if they had insisted on the founding principles (fiscal…