We examine the macroeconomic, asset pricing, and public debt consequences of deficit financing dividend taxation in a dynamic general equilibrium model featuring partial investment irreversibility.

2004 Net portfolio equity outflow: $63 billion (TIC data); $37 billion (BEA) data. The difference seems to stem from different treatment of equity purchases related to mergers and acquisitions. Is the ...

Back in the summer of 2004, Nouriel Roubini and I published a paper arguing that large trade deficits implied a deteriorating US net international investment position and a deteriorating “income” ...

Budget 2026: When a government needs to spend more than it earns, it turns to deficit financing. To cover this gap, it typically raises money by borrowing from the public through bonds or by printing ...

I’ve monitored the central bank’s monetary operations and balance sheet developments over the past few years, and one of the most critical shifts underpinning Ghana’s current macroeconomic stability ...