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SUMMARY:Ademu lecture: “Fiscal sustainability: What makes the Euro Area 
 different?” - Professor Eric Leeper
DTSTART:20160315T170000Z
DTEND:20160315T180000Z
UID:TALK65085@talks.cam.ac.uk
CONTACT:Cambridge-INET Institute\, Faculty of Economics
DESCRIPTION:Governments issue debt denominated in two forms: real debt\, w
 hich is a claim to real resources\, and nominal debt\, which is a claim to
  currency. Euro Area countries\, who do not individually control their mon
 etary policies\, effectively issue real debt\, while nations with monetary
  sovereignty—the U.K.\, the U.S.\, and Japan\, for example—mostly issu
 e nominal debt. Debt denomination carries important implications for a cou
 ntry’s fiscal sustainability. This talk explores those implications and 
 applies them to the slow-growth and low-inflation problems that many count
 ries now face.\n
LOCATION:Meade Room\, Faculty of Economics
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