Ihori, Toshihiro - In: FinanzArchiv: Public Finance Analysis 70 (2014) 4, pp. 511-526
This study analyzes how commitment to a deficit ceiling can affect private agents´ political efforts, as well as overall welfare, in a hard- and a soft-budget regime, using a two-period model simulating a present and a future generation and a government. In the hard-budget regime, the...