the most suffered the biggest loss in confidence in institutions, particularly in trust in government and the financial …We document that trust in public institutions—and particularly trust in banks, business and government—has declined … over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in …

paradox, and also show how it may be avoided by introducing a commitment device. …

the role of long-run and short-run price stickiness under discretion and commitment in a straightforward and intuitive way … when a commitment to hold nominal rates at zero for an extended period is optimal. We then introduce government spending …

This paper examines capital tax competition in the presence of an interstate transfer policy without federal commitment …. Lack of commitment implies that tax policy is chosen prior to federal transfers. The paper’s main result is that ex …