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The Cambridge-INET Institute


ADEMU Lecture - Eric Leeper (15th March)

Abstract: Governments issue debt denominated in two forms: real debt, which is a claim to real resources, and nominal debt, which is a claim to currency. Euro Area countries, who do not individually control their monetary policies, effectively issue real debt, while nations with monetary sovereignty—the U.K., the U.S., and Japan, for example—mostly issue nominal debt. Debt denomination carries important implications for a country’s fiscal sustainability. This talk explores those implications and applies them to the slow-growth and low-inflation problems that many countries now face.

Organisers: Vasco Carvalho and Hamish Low

Venue: Meade Room, Faculty of Economics

Event Date: Tuesday 15th March 2016

Professor Leeper's bio

"Fiscal sustainability: What makes the Euro Area different?
(click on link above to view slides)




Theme: transmission