 | 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...
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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...
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| The Aggregate-Demand Doom Loop: Precautionary Motives and the Welfare Costs of Sovereign Risk Author/Editor: Francisco Roldán. Release Date:December, 2020 Sovereign debt crises coincide with deep recessions. I propose a model of sovereign debt that rationalizes large contractions in economic activity via an aggregate-demand amplification mechanism. The more...
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| Credibility Dynamics and Disinflation Plans Author/Editor: Rumen Kostadinov, Francisco Roldán. Release Date:June, 2020 We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, more...
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