Fiscal policy and the output costs of sovereign default
| Type of Publication: | Journal article |
| Publication status: | Published |
| Author: | Durán, Leyre Gómez-Oliveros; Niemann, Stefan; Pichler, Paul |
| Year of publication: | 2020 |
| Published in: | The B.E. Journal of Macroeconomics ; 20 (2020), 1. - 20170236. - de Gruyter. - ISSN 1555-0486. - eISSN 1935-1690 |
| DOI (citable link): | https://dx.doi.org/10.1515/bejm-2017-0236 |
| Summary: |
We introduce fiscal policy into a sovereign debt model with endogenous default costs and examine the implications for the determination of the output costs of default. We find that the quantitative properties of the output costs of default, and their dependence on primitives such as the elasticity of labor supply, are distinctly different depending on the margin of fiscal adjustment. The consideration of fiscal policy thus has potentially important implications for the quantitative properties of models of sovereign debt and default.
|
| Subject (DDC): | 330 Economics |
| Keywords: | fiscal policy, output costs of default, sovereign debt |
| Refereed: | Yes |
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DURÁN, Leyre Gómez-Oliveros, Stefan NIEMANN, Paul PICHLER, 2020. Fiscal policy and the output costs of sovereign default. In: The B.E. Journal of Macroeconomics. de Gruyter. 20(1), 20170236. ISSN 1555-0486. eISSN 1935-1690. Available under: doi: 10.1515/bejm-2017-0236
@article{Duran2020-01-28Fisca-49480, title={Fiscal policy and the output costs of sovereign default}, year={2020}, doi={10.1515/bejm-2017-0236}, number={1}, volume={20}, issn={1555-0486}, journal={The B.E. Journal of Macroeconomics}, author={Durán, Leyre Gómez-Oliveros and Niemann, Stefan and Pichler, Paul}, note={Article Number: 20170236} }
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