In Defense of Public Debt ...

 ...explores the rise of the sovereign debt market all the way from the Italian city states to the multitrillion global government debt overhang of the 21st century.

In addition it offers a debt management primer rooted in historical experience.

Why, you might ask, does public debt need to be defended? One reason is that austere moralists dislike debt and fear the burden it might impose on future generations. 

Some economists argued that fiscal retrenchment would be expansionary in the eurozone crisis because it would bolster confidence, although a 2011 IMF study poured cold water on this view.

More thoughts would have been welcome, too, on the existence or otherwise of a debt trap whereby monetary tightening might now beget a perpetual cycle of financial instability, involving frequent returns to morally hazardous ultra-low interest rates.

John Plender FT 7 February 2022

https://www.ft.com/content/731d5674-bb3c-422d-8982-f8e392d4d5a4

In Defense of Public Debt by Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves and Kris James Mitchener, Oxford University Press

 
Time again to think about Moral Hazard

https://englundmacro.blogspot.com/2021/05/time-again-to-think-about-moral-hazard.html