NBER Working Paper No. 15847
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The paper previously circulated under the title of "On the Privatization of Public Debt." Views expressed here are our own and do not necessarily reflect those of the Federal Reserve Banks of Minneapolis and New York, the Federal Reserve System, or the National Bureau of Economic Research. We are extremely grateful to our discussant Chris Sleet for excellent comments and suggestions. We thank Da Lin for research assistance, our editor Andy Abel, Lorenzo Forni, Pietro Reichlin, Aleh Tsyvinski and seminar participants at the Fall 2009 Carnegie Rochester Conference on Public Policy, Bank of Italy, NYU, the Bank of Canada, Penn State University, the University of Rochester, The Federal Reserve Bank of Philadelphia, Universita' di Salerno, the SED, Midwest-Macro and ESSIM meetings for very helpful comments. Perri thanks the NSF (Grant SES-0820519) for financial assistance.