Wage rigidity and monetary union
In: Discussion paper series 3679
In: International macroeconomics
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In: Discussion paper series 3679
In: International macroeconomics
In: Journal of Monetary Economics, Band 58, Heft 1, S. 80-82
In: Journal of development economics, Band 32, Heft 1, S. 222-224
ISSN: 0304-3878
SSRN
In: IMF Working Paper, S. 1-16
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In: Journal of international economics, Band 25, Heft 3-4, S. 365-372
ISSN: 0022-1996
In: Journal of Monetary Economics, Band 22, Heft 3, S. 461-472
In: The Canadian Journal of Economics, Band 20, Heft 4, S. 855
In: The economic journal: the journal of the Royal Economic Society, Band 131, Heft 634, S. 697-712
ISSN: 1468-0297
Abstract
We study the optimal debt and investment decisions of a sovereign with private information. The separating equilibrium is characterised by a cap on the current account. A sovereign repays debt amount due that exceeds default costs in order to signal creditworthiness and smooth consumption. Accepting funding conditional on investment/reforms relaxes borrowing constraints, even when investment does not create collateral, but it depresses current consumption. The model contains the signalling elements emphasised by creditors in the Greek austerity programmes and is consistent with the reduction in the loans issued by Greece and their interest rate following the 2015 election.
In: Journal of international economics, Band 99, S. S16-S26
ISSN: 0022-1996
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SSRN
Working paper
In: The economic journal: the journal of the Royal Economic Society, Band 124, Heft 575, S. 269-288
ISSN: 1468-0297
SSRN
Working paper
In: The economic journal: the journal of the Royal Economic Society, Band 117, Heft 523, S. 1436-1459
ISSN: 1468-0297