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Pandemic-Era Federal Debt Normalization: A Constitutional Framework for the Fiscal Treatment of Federal Reserve Held Treasury Securities

Author

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  • Venslauskas, Kazimieras

Abstract

This paper examines the fiscal and institutional implications of post-pandemic public debt dynamics, with particular focus on the treatment of sovereign debt instruments held by central banks. It develops a normative framework for assessing the macroeconomic and institutional dimensions of pandemic-era debt expansion and subsequent normalization strategies. The analysis is intended to inform ongoing debates in fiscal and monetary policy coordination, debt sustainability, and institutional design in advanced economies.

Suggested Citation

  • Venslauskas, Kazimieras, 2026. "Pandemic-Era Federal Debt Normalization: A Constitutional Framework for the Fiscal Treatment of Federal Reserve Held Treasury Securities," MPRA Paper 128889, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:128889
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    File URL: https://mpra.ub.uni-muenchen.de/128889/1/MPRA_paper_128889.pdf
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    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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