Tag Archives: debt

Should the US be issuing more short-term debt?

As a follow up to yesterday’s post on short term debt, treasuries and financial crises, I wanted to highlight this paper by Greenwood, Hanson, & Stein that argues that the government should issue more short-term debt to discourage short-term money creation … Continue reading

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Short-term Debt, the Supply of US Treasuries, and Financial Crises

Annette Vissing-Jorgensen and  Arvind Krishnamurthy have an interesting new paper that Annette presented at Berkeley yesterday. It’s a nice example of using a simple, tractable model to understand a very important issue – the demand for safe and liquid short-term … Continue reading

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Crunch Time: Fiscal Crises and the Role of Monetary Policy

A nice chart from a new speech from Jerome Powell. What doesn’t follow is that we need to get the red line up by cutting spending to get the blue line down (based on the logic of Delong Summers and … Continue reading

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Overheating in Credit Markets: Origins, Measurement, and Policy Responses

A new speech from Jeremy Stein.

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The Growth of Modern Finance

From Robin Greenwood and David Scharfstein: Whether the growth of the financial sector has been beneficial to society depends in large part on the social benefits of active asset management, the increase in household credit, and the growth of shadow banking. … Continue reading

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Mankiw on Middle Class Taxes

Greg Mankiw: Even if President Obama wins all the tax increases on the rich that he is asking for, the long-term fiscal picture will still look grim. Perhaps we can stabilize the situation for a few years just by taxing … Continue reading

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More Progressive Ways to Reduce Social Security Spending than Chained CPI

Dylan Matthews has a great post discussing more progressive cuts to social security than Chained CPI.  He includes the option of altering the Preliminary Issuance Amount, which is determined by a benefit schedule that maps  your “average wages” into a personalized … Continue reading

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