 | Debt Mutualization in the Euro Area: A Quantitative Exploration Author/Editor: Sakai Ando, Giovanni Dell'Ariccia, Pierre-Olivier Gourinchas, Guido Lorenzoni, Adrian Peralta, Francisco Roch. Release Date:March, 2023 This paper explores the feasibility of an idea proposed first by the German Council of Economic Experts in 2011 and revisited by Italian and French authorities in 2021: the one-off mutualization of more...
| Price: $20.00
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| Sovereign Debt Author/Editor: Leonardo Martinez, Francisco Roch, Francisco Roldán, Jeromin Zettelmeyer. Release Date:June, 2022 This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries more...
| Price: $20.00
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| Sovereign Cocos Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Kursat Onder, Francisco Roch. Release Date:April, 2022 We study a model of equilibrium sovereign default in which the government issues cocos (contingent convertible bonds) that stipulate a suspension of debt payments when the government faces liquidity more...
| Price: $5.00
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| Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Francisco Roch. Release Date:July, 2021 We study gains from introducing a common numerical fiscal rule in a Union of model economies facing sovereign default risk. We show that among economies in the Union, there is significant more...
| Price: $5.00
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| Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt Author/Editor: Francisco Roch, Francisco Roldán. Release Date:March, 2021 We analyze how concerns for model misspecification on the part of international lenders affect the desirability of issuing state-contingent debt instruments in a standard sovereign default model Ă more...
| Price: $18.00
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| Robust Optimal Macroprudential Policy Author/Editor: Giselle Montamat, Francisco Roch. Release Date:February, 2021 We consider how fear of model misspecification on the part of the planner and/or the households affects welfare gains from optimal macroprudential taxes in an economy with occasionally binding more...
| Price: $18.00
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| Constrained Efficient Borrowing with Sovereign Default Risk Author/Editor: Juan Carlos Hatchondo, Leonardo Martinez, Francisco Roch. Release Date:November, 2020 Using a quantitative sovereign default model, we characterize constrained efficient borrowing by a Ramsey government that commits to income-history-contingent borrowing paths taking as given ex-post more...
| Price: $18.00
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| A Conceptual Model for the Integrated Policy Framework Author/Editor: Suman S Basu, Emine Boz, Gita Gopinath, Francisco Roch, Filiz D Unsal. Release Date:July, 2020 In the Mundell-Fleming framework, standard monetary policy and exchange rate flexibility fully insulate economies from shocks. However, that framework abstracts from many real world imperfections, more...
| Price: $18.00
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| The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru Author/Editor: Francisco Roch. Release Date:September, 2017 This paper presents a comparative analysis of the macroeconomic adjustment in Chile,
Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps:
(i) an analysis more...
| Price: $18.00
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| Housing Finance and Real Estate Markets in Colombia Author/Editor: Francisco Roch. Release Date:August, 2017 Colombian house prices have increased significantly between 2005 and 2016. This paper estimates the extent of misalignments in house prices relative to fundamentals and evaluates the overall risk to more...
| Price: $18.00
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