Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises

Mark Aguiar, Manuel Amador, Emmanuel Farhi, Gita Gopinath

NBER Working Paper No. 19516
Issued in October 2013

---- Acknowledgements ----

We thank Marios Angeletos, Fernando Broner, Hal Cole, Tim Kehoe, Juan Pablo Nicolini, Chris Phelan, Vincenzo Quadrini, Ken Rogoff and Ivan Werning for helpful comments. Manuel Amador acknowledges NSF support under award number 0952816. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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