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

Kazimieras Venslauskas

MPRA Paper from University Library of Munich, Germany

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.

Keywords: fiscal policy; monetary policy; public debt; sovereign debt; central bank balance sheet; macroeconomic policy; post pandemic economy (search for similar items in EconPapers)
JEL-codes: E6 E62 (search for similar items in EconPapers)
Date: 2026-04-19
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:128889

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