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Sovereign governments owe debt to many foreign creditors and can choose which creditors to favor when making payments. This paper documents the de facto seniority structure of sovereign debt using new ...

This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to explore the evolution of the global exchange rate system, including parallel rates, ...

This volume contains six studies on current topics in macroeconomics. Michael Woodford shows that while the assumption of rational expectations is unrealistic, a finite-horizon forward planning model ...