The fiscal theory of the price level can describe monetary policy. Governments can set interest rate targets and thereby affect inflation, with no change in fiscal surpluses. The same basic mechanism ...

We document large, longer-term, joint regime shifts in asset valuations and the real federal funds rate-r* spread. To interpret these findings, we estimate a novel macro-finance model of monetary ...

Central banks are also contending with the rapid expansion of non-bank financial intermediaries (NBFIs), much of whose ...

The president is pressuring the Fed to lower rates to make deficits easier to finance. This could end badly, but for now ...

After a year in office, Britain's finance minister Rachel Reeves faces a reckoning over unmet promises of economic stability, ...

The U.S. tax and spending bill passed on July 3 is expected to add more than $3 trillion to the country’s deficit over the ...

The fragility of American Exceptionalism is just one lesson from financial markets in response to Trump’s Liberation Day ...

Federal Reserve Chair Jerome Powell said the central bank would have likely already moved to lower borrowing costs if it weren't for worries that tariffs would drive up inflation.

The two men reignited their conflict over the Republican policy bill, which about a month ago tore up their political ...

Among the most expensive pieces of legislation in years, the Republican bill could reshape the country’s finances for a ...

By Marco Cacciati Argentina's latest $20bn International Monetary Fund agreement – its 23rd since 1958 – has been greeted ...