A nascent recovery is underway in Thailand following the COVID-19 downturn. Ample policy buffers, underpinned by judicious management of public finances, allowed the authorities to implement a multipronged package of fiscal, monetary, and financial policies to mitigate the COVID-19 impact on...

What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run...