That era is over. Since Covid, we have entered a new regime: fiscal dominance. Government spending, deficits and balance sheets now overwhelm the power of central banks. In this world, it is Congress ...

While the Fed is not totally independent — Congress rightly sets its goals and approves its top personnel — fiscal policymakers should not pressure monetary policymakers to make borrowing easier. But ...

As the national conversation around fiscal responsibility gains momentum, Yardeni Research President Ed Yardeni has offered ...

This paper explores the positive and normative consequences of government bond issuances in a New Keynesian model with heterogeneous agents, focusing on how the stock of government bonds affects the ...

Discussions at the Bank of Mongolia’s recent international conference marking its centennial highlighted an important policy issue: how to better align monetary and fiscal policies to tackle high ...

Classic economics defines three primary sources of government funding: taxation, debt, and inflation. To tax is to levy fees on income, sales, property, and other activities to raise revenue for ...

Emerging Markets Finance & Trade, Vol. 55, No. 13, Special Issue: Symposium: Chinese Derivatives Markets (2019), pp. 3112-3130 (19 pages) This study examines the relationship between bond fund flows, ...