The research reported in this set of three working papers focuses on different assumptions about the intertemporal behavior of government policymakers. In particular, we carefully study alternative specifications of intertemporal fiscal closure rules and their impacts on the effectiveness of...

In this second of a series of three working papers, we use a simple neoclassical growth model to illustrate how consumption, investment, and output -- more broadly, the entire dynamic equation system of a model -- can be strongly influenced by alternative specifications of a reaction function...