The emergence of substantial fiscal deficits and a large build-up of government debt in major advanced economies will inevitably lead to a period of fiscal consolidation in coming…

One important outcome of the Great Recession has been the rapid accumulation of government debt in many of the world’s developed economies. This growing debt burden represents a…

This Working Paper, by Warwick McKibbin and Andrew Stoeckel, models the global financial crisis as a combination of shocks to global housing markets and sharp increases in risk…