People have been worrying about U.S. debt basically ever since there even was a U.S. “The accumulation of debts is a most fearful evil,” Thomas Jefferson wrote in 1787. At the time, U.S. debt was ...

Abstract: This paper develops a small open economy model in which entrepreneurs partially finance investment using foreign currency–denominated debt subject to an external finance premium. We use ...

In an open-economy model with labor market search frictions and both the intensive and extensive margins, we identify two interrelated inefficiencies in the decentralized allocation. First, a trade ...

Addressing infrastructure challenges is vital to supporting domestic firms’ growth and competitiveness. Ireland ranks as the ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper presents a calibrated DSGE model of the economy of North Macedonia that was developed at the National Bank of ...