Paul Pichler
Biographic Data
| ID | 5729626 |
|---|---|
| NAME | Paul Pichler |
| GIVEN NAMES | Paul |
| FAMILY NAME | Pichler |
| SIGNATURE | PICHLER P |
| AFFILIATIONS | Oesterreichische Nationalbank and University of Vienna |
| ORCID | 0000-0001-9620-2958 |
| VERIFIED | Yes |
| TOTAL WORKS | 1 |
| TOTAL CITATIONS | 0 |
| AUTHOR COUNT | 1 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2017 |
| LATEST PUBLICATION YEAR | 2017 |
| H-INDEX | 0 |
Collateral, Liquidity and Debt Sustainability
We study Markov‐perfect optimal fiscal policy in an economy with financial frictions and sovereign default in the form endogenously determined haircuts on outstanding debt. Government bonds facilitate tax smoothing but also provide collateral and liquidity services that mitigate financial frictions. A debt Laffer curve exists, which induces the government to issue bonds to a point where marginal debt has negative welfare effects. Debt positions i…
No prominent works on this page.
Collateral, Liquidity and Debt Sustainability
We study Markov‐perfect optimal fiscal policy in an economy with financial frictions and sovereign default in the form endogenously determined haircuts on outstanding debt. Government bonds facilitate tax smoothing but also provide collateral and liquidity services that mitigate financial frictions. A debt Laffer curve exists, which induces the government to issue bonds to a point where marginal debt has negative welfare effects. Debt positions i…
Bond (1 works) · Collateral (1 works) · Debt (1 works) · Debt-to-GDP ratio (1 works) · Economics (1 works) · Finance (1 works) · Finance (1 works) · Financial system (1 works) · Fiscal Policies and Political Economy (1 works) · Fiscal policy (1 works)